Hengrui and BMS Sign $15.2B Drug Deal

Jiangsu Hengrui Pharmaceutical, China's largest drugmaker by market cap, signed a global collaboration and licensing agreement with Bristol Myers Squibb (BMS) worth up to $15.2 billion. The deal covers 13 preclinical programs: four oncology and hematology assets from Hengrui, four immunology assets from BMS, and five novel programs using Hengrui's discovery platforms. BMS will pay up to $950 million in near-term consideration, including a $600 million upfront payment. Hengrui is eligible for tiered royalties on sales outside mainland China, Hong Kong, and Macau. Hengrui's Hong Kong shares rose 5.3% to HK$69.55, and Shenzhen shares gained 4.84% to 56.11 yuan. The agreement bolsters China's growing drug innovation profile.