Bristol Myers Squibb and Hengrui Pharma have formed a broad global collaboration and license agreement that brings together 13 early‑stage programs across oncology, hematology, and immunology. The companies said the partnership is designed to accelerate early innovation, strengthen clinical proof‑of‑concept development, and advance a diverse portfolio of next‑generation medicines for patients worldwide.
The collaboration reflects a shared commitment to addressing significant unmet medical needs by combining the complementary strengths of both organizations.
The agreement includes four oncology and hematology assets originating from Hengrui, four immunology assets from Bristol Myers Squibb, and five jointly discovered programs that will leverage Hengrui’s discovery engine and platform technologies. Under the structure of the deal, BMS receives exclusive worldwide rights to Hengrui‑originated assets outside mainland China, Hong Kong SAR, and Macau SAR, while Hengrui receives exclusive rights to BMS‑originated assets within those territories. Hengrui will lead early clinical development to accelerate proof‑of‑concept timelines, while BMS retains global rights outside the Hengrui Territory.
Both companies emphasized that the collaboration aligns with their broader innovation strategies. Bristol Myers Squibb brings global clinical development capabilities, regulatory expertise, and commercial scale, while Hengrui contributes efficient early‑stage development, platform technologies, and a growing R&D engine. Together, the organizations aim to create a more agile, globally integrated approach to advancing high‑value therapies across multiple therapeutic areas.
Under the terms of the agreement, BMS will pay Hengrui up to $950 million, including a $600 million upfront payment, a $175 million first‑anniversary payment, and a second contingent anniversary payment of $175 million in 2028. The total potential value of the collaboration is approximately $15.2 billion, including option exercises and milestone payments across development, regulatory, and commercial achievements. Hengrui is also eligible for tiered royalties on net sales of products commercialized outside its territory. The transaction is subject to Hart‑Scott‑Rodino review and other customary closing conditions, with completion expected in the third quarter of 2026.
KEY QUOTES:
“This strategic collaboration reflects our commitment to advancing innovative science while maintaining a disciplined approach to portfolio management. By leveraging complementary capabilities across geographies, we aim to accelerate early clinical learning and make informed decisions that support driving top tier growth in the next decade and, ultimately, our mission to deliver medicines that help patients prevail over serious diseases.”
Robert Plenge, MD, PhD, Executive Vice President and Chief Research Officer, Bristol Myers Squibb
“This broad strategic collaboration reflects a highly synergistic collaboration between two global innovators with complementary strengths. By leveraging Hengrui’s growing R&D capabilities and proven efficiency in discovering and advancing innovative therapies, we are poised to advance the best of both pipelines. It also reflects Hengrui’s continued commitment to strengthen our global presence. Together, we aim to deliver meaningful benefits to patients worldwide.”
Frank Jiang, MD, PhD, Executive Vice President and Chief Strategy Officer, Hengrui Pharma
