Asia deals aim for first-in-class biology, with at least four deals for new targets

Over the past two years, Asian biotechs outside China are stepping up as innovation partners, out-licensing more potential first-in-class assets than me-better or me-too programs, spanning new targets, modalities and indications. As global pharmas look for assets to fill pipelines and compete on a global scale, innovation in the East is growing, signaling a shift toward discovery-driven dealmaking.

BioCentury’s analysis identified 72 deals announced in 2024-25 with the seller or licensor as a biotech in Asia outside China. ...