The first half of 2025 has been marked by a surge in cross-border pharmaceutical licensing activity, with total deal value exceeding $38 billion across 340+ transactions — a 22% increase over H1 2024. The acceleration reflects both the maturation of post-COVID R&D pipelines and a realignment of global supply chain strategies.

Oncology continues to dominate, accounting for 41% of deal value. However, the most notable growth has come from cardiometabolic and rare disease assets, reflecting pressure from patent cliffs in established markets and the rise of precision medicine capabilities in emerging biotech hubs.

Asia-Pacific remains the fastest-growing licensing market. Chinese originators are increasingly exporting assets to Western markets on favorable terms, while Southeast Asian biotech ecosystems — particularly in Singapore, South Korea, and Australia — are attracting out-licensing deals from European and US innovators seeking new commercial footholds.

From a structural standpoint, risk-sharing models are gaining traction. Co-development agreements with milestone-contingent payments now represent over 55% of transactions, up from 43% in 2023. Pure royalty deals have declined, while equity co-investment as part of licensing packages is becoming a differentiator for premium assets.

Unibest's intelligence platform continuously monitors deal flow across all major markets. Our team is ready to help clients identify the right licensing partners, benchmark deal terms, and navigate regulatory pathways in target jurisdictions.