Hengrui Pharma and Bristol Myers Squibb form $15.2B global collaboration to advance 13 early-stage drug programs.

Hengrui Pharma and Bristol Myers Squibb have entered a strategic global collaboration worth up to $15.2 billion to jointly develop 13 early-stage programs in oncology, hematology, and immunology. The deal includes asset exchanges where BMS gains rights outside China for Hengrui's assets, while Hengrui retains rights within China for BMS's assets. BMS will pay Hengrui $600 million upfront and up to $950 million in total initial payments, with further milestone payments possible. This partnership leverages both companies' strengths to accelerate drug discovery and development, aiming to address significant unmet patient needs worldwide. The agreement is expected to close in Q3 2026, pending regulatory review.