Jiangsu Hengrui Pharmaceuticals and Bristol Myers Squibb signed global collaboration and licensing agreements on Tuesday, in a pact that could be worth up to US$15.2 billion. [1, 2]
The deal covers 13 programmes in all, including four oncology and haematology candidates from Hengrui, four immunology candidates or assets from BMS and five additional joint projects. [1, 2]
Under the agreements, BMS gets worldwide rights to Hengrui-developed assets outside mainland China, Hong Kong and Macau. Hengrui gets exclusive rights to BMS programmes in mainland China, Hong Kong and Macau. [1, 2]
The companies said the assets are still at a very early stage and have not yet entered human clinical trials, with one report describing them as preclinical. [1, 2]
The financial terms include up to US$600 million in upfront payment and as much as US$950 million in near-term consideration, according to the reports. [2]
Hengrui's shares rose after the announcement, with its Hong Kong-listed stock up 5.3% at HK$69.55 and its Shenzhen-listed shares up 4.84% at 56.11 yuan. [2]
The parties expect the agreements to close in the third quarter of 2026. [1]
