Chinese Innovative Drugmakers Accelerate Global Expansion in Q4 2025 with Major BD Deals and Differentiated Pipeline Advancements

　　【Pharmaceutical Network Industry Dynamics】In 2025, the trend of China's innovative drugs going global continues to advance. Data shows that in the first three quarters, Chinese pharmaceutical companies completed 103 License-out (authorized overseas) deals, with a total transaction value reaching $92.03 billion. In the fourth quarter, the implementation of innovative drug BD transactions entered a密集期.
 

On December 4, Kelun-Biotech announced together with Crescent Biopharma, Inc. that the two parties have established a strategic partnership to jointly develop and commercialize oncology treatments (including novel combination therapies). In this collaboration, Kelun-Biotech has granted Crescent exclusive rights to develop SKB105 in markets outside the United States, Europe, and Greater China, and will receive an upfront payment of $80 million from Crescent. Kelun-Biotech is also eligible to receive up to $1.25 billion in milestone payments, as well as tiered royalties in the mid-single-digit to low-double-digit percentage range based on net sales of ITGB6 ADC SKB105 (CR-003). If Crescent undergoes a change of control or enters into a sublicensing agreement with a third party in the near future, Kelun-Biotech is also entitled to receive additional payments from Crescent.
 

Data show that SKB105 is a differentiated ADC targeting integrin β6 (ITGB6), with a topoisomerase inhibitor as its payload. It utilizes proprietary Kthiol irreversible conjugation technology. Preclinical data demonstrate its outstanding tumor-specific delivery capability, which can reduce off-target risks.
 

According to the review, there have been frequent License-out transactions in the innovative drug sector since the fourth quarter. In addition to Kelun-Biotech mentioned above, INNOVENT BIO announced on December 5 that the global strategic cooperation agreement with Takeda Pharmaceutical has met all closing conditions and has officially taken effect. The cooperation was initially announced on October 22, 2025, aiming to accelerate the global development and commercialization of INNOVENT BIO’s next-generation Immuno-Oncology (IO) and Antibody-Drug Conjugate (ADC) therapies. The collaboration covers global partnerships for IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an option for the early-stage project IBI3001 (EGFR/B7H3 ADC). The total potential value of this collaboration could reach up to 11.4 billion US dollars. Additionally, Adagene, Hansoh Pharma, Aosaikang Pharmaceutical, Nanjing Leadbiologics, and Gan&Lee Pharmaceuticals have also successively disclosed new BD deals.
 

Experts in the industry indicate that, against the backdrop of policy support, the research and development of innovative drugs in China remains highly active, with a relatively certain industrial trend. Data shows that currently, the proportion of new drugs under research in China exceeds 20% of the global total. It is expected that by 2026, a large number of BD projects will be implemented. For multinational pharmaceutical companies, introducing innovative Chinese drugs has become an important strategy to enrich their product pipelines, address patent expiration risks, and even increase market value. Especially in key areas such as ADCs and bispecific antibodies, Chinese innovative drugs are increasingly gaining international recognition due to solid data and differentiated designs.
 

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