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Jiangsu Hengrui Pharma Signs $15 Billion Drug Development Deal with Bristol Myers Squibb

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Jiangsu Hengrui Pharmaceuticals (HKG:1276, SHA:600276) entered into global collaboration and license agreements with Bristol Myers Squibb to develop 13 early-stage programs across oncology, hematology, and immunology, according to a Tuesday Hong Kong bourse filing.

The agreements include four oncology and hematology programs from Hengrui, four immunology programs from Bristol Myers Squibb, and five jointly discovered and developed programs.

The U.S.-headquartered biopharma company will pay Hengrui up to $950 million, including a $600 million upfront payment, a $175 million first anniversary payment, and a contingent $175 million payment in 2028.

The potential total value of the agreements could reach about $15.2 billion, including milestone payments tied to development, regulatory, and commercial targets.

Under the deal, Bristol Myers will obtain exclusive worldwide rights to Hengrui-originated programs outside mainland China, Hong Kong, and Macau, while Hengrui will secure exclusive rights to Bristol Myers Squibb-originated programs within those markets.

The companies expect the agreements to close in the third quarter, subject to antitrust review and other customary closing conditions.

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