China-based Hengrui Pharmaceuticals and Bristol Myers Squibb (BMS) have entered into a global strategic collaboration and licensing agreement covering 13 early-stage projects in oncology, haematology, and immunology. The potential total transaction value is USD 15.2 billion, including milestone payments and royalties. BMS will make an upfront payment of USD 600 million to Hengrui, followed by additional milestone payments. Hengrui will be responsible for the early clinical development of the programs and retains co-commercialisation rights for certain products in Mainland China, Hong Kong, and Macau.

The deal includes four of Hengrui's oncology/hematology assets, four of BMS's immunology assets, and five new programs to be co-developed using Hengrui's R&D engine and technology platforms. BMS obtains exclusive global rights to Hengrui's and the co-developed assets outside Greater China, while Hengrui gains rights to the BMS immunology assets within Greater China. The transaction, subject to regulatory approval, is expected to close in Q3 2026. The collaboration aims to leverage BMS's global development and commercial capabilities with Hengrui's discovery platform and early R&D efficiency.

PharmCube's NextBiopharm® database shows that this marks the second-largest cooperation deal in the global pharma industry. Click here to request a free trial for NextBiopharm®.