Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) has signed global strategic collaboration and license agreements with Bristol-Myers Squibb Company (BMS) covering 13 pre-clinical programs in oncology, hematology and immunology.
The portfolio includes four Hengrui-originated oncology/hematology assets, four BMS-originated immunology assets and five jointly discovered projects leveraging Hengrui’s discovery platforms. Hengrui will lead early clinical development to accelerate proof-of-concept studies.
Key financial terms • Upfront and time-based payments: BMS will pay Hengrui US$600.00 million upfront, US$175.00 million on the first anniversary and a contingent US$175.00 million in 2028, totaling US$950.00 million. • Milestones: Aggregate development, regulatory and commercial milestones may reach approximately US$15.20 billion, including option exercises for joint discovery programs. • Royalties: Hengrui is eligible for tiered royalties on net sales generated outside mainland China, Hong Kong SAR and Macau SAR.
Territorial rights • BMS receives exclusive global rights outside the Hengrui Territory for Hengrui-originated programs. • Hengrui secures exclusive rights within the Hengrui Territory for BMS-originated programs, while BMS retains ex-territory rights.
Closing conditions The transaction is subject to Hart-Scott-Rodino review and customary closing conditions, with completion targeted for the third quarter of 2026. The agreements remain effective until expiry of product-by-product royalty terms unless terminated earlier.
Regulatory disclosure All applicable percentage ratios under Hong Kong Listing Rules are below 5%, so the agreements do not constitute a discloseable transaction. Nonetheless, Hengrui notes that milestone payments and clinical outcomes are uncertain and emphasizes the inherent risks and long timelines in drug development.
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