Bristol Myers Squibb and Hengrui Pharma entered a global strategic collaboration covering 13 early-stage oncology, hematology, and immunology programs, with the deal potentially valued at up to $15.2 billion.
Written By: Samiksha Jadhav, BPharm
Reviewed By: Pharmacally Editorial Team
Bristol Myers Squibb (BMS) and Hengrui Pharma have announced global strategic collaboration and license agreements covering 13 early‑stage programs across oncology, hematology, and immunology. The partnership is designed to accelerate the discovery and development of innovative therapies for patients worldwide.
The collaboration includes four oncology and hematology assets originating from Hengrui, four immunology assets from BMS, and five additional programs that will be jointly discovered and developed. These joint programs will leverage Hengrui’s discovery engine and platform technologies across multiple therapeutic modalities, including biologics, small molecules, and antibody‑drug conjugates.
Under the agreement, BMS will obtain exclusive worldwide rights to Hengrui‑originated assets outside mainland China, Hong Kong SAR, and Macau SAR. Hengrui will receive exclusive rights to BMS‑originated assets within those territories, while BMS will retain rights in the rest of the world. Hengrui will lead early clinical development activities for the partnered programs with the aim of accelerating proof‑of‑concept studies.
Hengrui will also have the option to co‑develop selected assets and participate in certain global commercialization activities alongside BMS. In addition, Hengrui will be eligible to receive tiered royalties on net sales of products commercialized outside its designated territory.
The collaboration combines BMS’s global clinical development, regulatory, and commercialization capabilities with Hengrui’s drug discovery platforms and early‑stage development expertise. Both companies emphasized that the partnership is intended to drive innovation in areas of significant unmet medical need.
Robert Plenge, Executive Vice President and Chief Research Officer at BMS, stated that the collaboration supports the company’s strategy of advancing innovative science through disciplined portfolio management. He added that combining complementary capabilities across regions could accelerate early clinical development and support long‑term growth objectives.
Frank Jiang, Executive Vice President and Chief Strategy Officer of Hengrui Pharma, described the collaboration as highly complementary, highlighting Hengrui’s growing research and development capabilities and its focus on expanding its global presence through strategic partnerships.
Under the financial terms of the agreement, BMS will pay Hengrui up to $950 million, including a $600 million upfront payment, a $175 million payment on the first anniversary, and an additional contingent anniversary payment of $175 million in 2028, subject to agreed triggers. The total potential value of the collaboration could reach approximately $15.2 billion, including option exercises for the joint discovery programs and development, regulatory, and commercial milestone payments across all partnered assets.
The transaction remains subject to review under the Hart‑Scott‑Rodino Antitrust Improvements Act and other customary closing conditions, with both companies expecting the agreement to close during the third quarter of 2026.
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About the Writer
Samiksha Vikram Jadhav (LinkedIn) is a B. Pharm graduate with a strong academic foundation in pharmaceutical sciences, pharmacology, and drug development. She specializes in pharma market research, with a focused interest in mergers and acquisitions, strategic partnerships, and global pharma and biotech deals. Her work centers on analyzing industry transactions, market positioning, and business strategies, translating complex developments into clear, accurate, and insightful scientific and commercial reporting.