China’s Hengrui, Bristol Myers Squibb sign collaboration, licensing deals

Jiangsu Hengrui Pharmaceuticals, China’s biggest drugmaker by market value, on Tuesday said it struck global collaboration and licensing ​deals with U.S. drugmaker Bristol Myers Squibb ‌that include potential milestone payments of up to $15.2 billion. Hengrui shares were up about 8% in Shanghai after the announcement. For Hengrui, a specialist in oncology, neurology, immunology, respiratory, ‌metabolic ​and cardiovascular drugs, the deals ⁠will boost its potential ⁠sources of income as Beijing’s centralised bulk-buying programmes squeeze generic drug revenues. The deals come amid increasing interest from foreign drugmakers in ​Chinese drugmakers and follow a string of similar agreements. Hengrui has previously struck licensing deals ⁠with other multinational pharmaceutical ⁠firms including Merck and Britain’s GSK. The latest ​deal with Bristol Myers Squibb covers four cancer ​and blood-disease drug candidates from Hengrui, four ‌immunology candidates from Bristol Myers Squibb and five additional projects the companies will work on together. All 13 programmes are still at very early ⁠stages and have not yet entered human clinical trials, Hengrui said in a statement. Under the terms, Bristol ⁠Myers Squibb ‌will secure worldwide rights to Hengrui-developed ⁠assets outside mainland China, Hong Kong ​and ‌Macau, while Hengrui will gain ​exclusive rights ⁠to Bristol Myers Squibb’s programmes in those markets. The companies expect the agreements to close in the third quarter of 2026.