Two Chinese Pharma Giants Exceed $3 Billion in M&A and Licensing Deals in 2025

　　【Pharmaceutical Network Industry DynamicsSince 2025, numerous pharmaceutical companies, influenced by industry growth pressures, technological changes, and policy-driven demands, have been frequently initiating mergers/acquisitions or licensing deals to achieve scale expansion and value growth. Among them, two companies have transaction amounts exceeding 3 billion US dollars.
 

　　Fosun Pharmaceutical
 

In 2025, Fosun Pharmaceutical focuses on "strengthening pipelines domestically and monetizing overseas," having completed 1 controlling acquisition and 5 core licensing deals, covering fields such as AD, metabolism, autoimmune diseases, and biosimilars, with a total transaction value exceeding 3.4 billion US dollars.
 

On December 15, Fosun Pharmaceutical announced that its holding subsidiary, Fosun Pharmaceutical Industry, signed a relevant investment agreement with Green Valley Pharmaceutical and its existing related shareholders. Fosun Pharmaceutical plans to invest approximately 1.412 billion yuan to acquire a controlling stake in Green Valley Pharmaceutical. After the acquisition is completed, Fosun Pharmaceutical will hold 53% of Green Valley Pharmaceutical's shares through Fosun Pharmaceutical Industry and SPV, and gain access to its core product, sodium oligomannate capsules. This drug is mainly used for treating mild to moderate Alzheimer's disease and is an innovative drug independently developed in China with proprietary intellectual property rights.
 

In August, Fosun Pharmaceutical announced that its holding subsidiary, Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd., had reached a "License Agreement" with Sitala. According to the license agreement, Sitala will pay Fosun Pharmaceutical Industry an upfront payment and development and commercialization milestone payments of up to 190 million U.S. dollars, which are non-refundable. Meanwhile, Fosun Pharmaceutical Industry can obtain shares of Sitala worth 5 million U.S. dollars at zero cost. In the future, based on the annual net sales of the licensed products in the licensed regions, Sitala will also pay Fosun Pharmaceutical Industry up to 480 million U.S. dollars in sales milestone payments as agreed.
 

Prior to this, Fosun Pharmaceutical had granted Sitala the global rights (excluding Greater China) to FXS6837, receiving an upfront payment of $25 million and a potential total amount of $670 million. Meanwhile, Fosun Pharmaceutical Industry could obtain shares of Sitala worth $5 million at no cost. Additionally, the company also granted Expedition the global rights (excluding Greater China) to XH-S004, securing an upfront payment of $17 million and a potential total amount of $645 million.
 

　　Hansoh Pharma
 

In 2025, Hansoh Pharma, through a flexible "License-out + License-in" cooperation model, will continue to consolidate its international advantages in the ADC and metabolism fields while continuously expanding its product pipeline.
 

On October 17, Hansoh Pharma announced that it had licensed the global rights outside of Greater China for its investigational CDH17-targeted antibody-drug conjugate (ADC) HS-20110 to Roche. This news immediately triggered a positive response in the capital markets. Under the agreement, Roche will pay Hansoh Pharma an upfront payment of $80 million, along with up to $1.45 billion in clinical development, regulatory, and sales milestone payments, plus tiered royalties based on a certain percentage of future net sales.
 

On June 2, Hansoh Pharma announced that it had entered into a licensing agreement with Regeneron Pharmaceuticals, Inc. (Regeneron, NASDAQ: REGN), granting Regeneron the exclusive global license (excluding mainland China, Hong Kong, and Macao) to develop, manufacture, and commercialize HS-20094. Under the agreement, Hansoh Pharma will receive an upfront payment of $80 million and is eligible to receive up to $1.93 billion in milestone payments based on the product’s development, regulatory approval, and commercialization progress, as well as tiered double-digit royalties on future potential product sales.
 

In addition, the company has successfully licensed the overseas rights of its ADC platform (such as drugs targeting B7-H3 and B7-H4) and its metabolic disease pipeline multiple times to multinational pharmaceutical companies like GlaxoSmithKline and Regeneron.
 

　　Disclaimer: Under no circumstances shall the information or opinions expressed in this article constitute investment advice to any person.