Hengrui Pharma (01276.HK): Enters Global Strategic Collaboration with Bristol Myers Squibb, Total Transaction Value Up to ~US$15.2 Billion

NewTimeSpace News: Jiangsu Hengrui Pharmaceuticals Co., Ltd. (01276.gHK) released an inside information announcement on May 12, 2026, disclosing the execution of a global strategic collaboration and license agreement with Bristol Myers Squibb.

The collaboration includes 4 oncology and hematology projects from Hengrui, 4 immunology projects from BMS, and 5 innovative projects to be jointly developed by both parties leveraging Hengrui’s R&D engine and diversified innovative technology platforms. All projects are at pre-clinical stage.

Hengrui retains the option to co-develop certain projects and has the opportunity to co-commercialize specific projects globally with BMS.

Under the rights allocation:

BMS obtains global exclusive rights (excluding Mainland China, Hong Kong, Macau) to Hengrui’s original projects and jointly developed projects.

Hengrui obtains exclusive rights in Mainland China, Hong Kong, Macau to BMS’s original projects.

Hengrui will be fully responsible for early-stage clinical development to accelerate proof-of-concept.

On financial terms:

BMS will pay Hengrui up to US$950 million, consisting of:

US$600 million upfront payment

US$175 million first annual payment

US$175 million second conditional annual payment (2028)

The total potential transaction value is approximately US$15.2 billion, including exercise of options for joint R&D projects and achievement of development, regulatory, and commercial milestones across all projects.

Hengrui is entitled to receive tiered royalties on net sales of products outside Mainland China, Hong Kong, and Macau.

The parties expect the transaction to close in the third quarter of 2026, subject to regulatory clearance under the Hart‑Scott‑Rodino Antitrust Improvements Act and other customary closing conditions.

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