Hengrui Medicine Grants Merck Sharp & Dohme Rights to Market Cardiovascular Drug; Shares Up 4%

MT Newswires Live03-26

Jiangsu Hengrui Medicine (SHA:600276) granted US-based pharmaceutical giant Merck Sharp & Dohme the license for the HRS-5346 drug for $200 million, according to a Shanghai Stock Exchange filing on Tuesday.

Merck Sharp & Dohme will be given the rights to develop, manufacture, and commercialize the drug globally. The drug, which is currently undergoing phase II clinical trials in China, is used to treat cardiovascular diseases.

As part of the agreement, the Chinese medicine maker will receive milestone payments of up to $1.77 billion and royalties from sales outside the Greater China region, the filing said.

Hengrui's shares jumped less than 4% in recent trade.

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