of 5% over the same period. It must be noted that on licensing deals in 2025. On average, Phase II in 2025, increasing by 47% compared to 2024 thanks to two deals having Us$1 B+ licensing fees. The in 2025 to invest in clinical-stage assets, with an increased by 52%, thanks in part to the Us$1.2 B for immuno-oncology and ADC cancer therapies. commercialization in overseas markets. Aside from the values in 2025, with the mean upfront payment for deals at this development stage reaching US$122 M, both with upfront payments of Us$5oo M and above. type-2 diabetes drug, UBT251 as well as Regeneron's Interestingly, licensors demonstrated willingness to US$2.01 B license agreement with Hansoh Pharma for HS-20094, a Phase III dual GLP-1/glucose-dependent 2025, with the mean licensing fee for this development insulinotropic polypeptide (GIP) receptor agonist. 2024. This is driven by seven deals disclosing upfront fees of more than Us$100 M, compared to only two licensing deals by development stage, restricted to US, Europe,Japan or China, suggests that there was