In recent years, license-in/out transactions have become the most common way for innovative drugs and medical devices (including medical aesthetics) companies to collaboratively develop and commercialize medical products and related technologies. According to public information, in China, the total amount and number of investment and financing in life sciences sector have witnessed a significant decline from 2021 to 2023, with the investment amount being only a quarter of that in 2021. However, the upfront payment for business development (BD) transactions in life sciences sector has reached 5.045 billion US dollars in 2023, with a potential payment totaling up to 54.89 billion US dollars[2]. The scale of license-out transactions has been continuously expanding.