On May 12, 2026, Hengrui Pharma and Bristol Myers Squibb (BMS) announced a global strategic collaboration and licensing agreement to jointly advance 13 early-stage programs across oncology, hematology, and immunology, aiming to accelerate innovative drug development and benefit patients worldwide.

Following the announcement, Hengrui’s shares surged over 7% in A-shares trading, while its Hong Kong-listed shares rose as much as 16% intraday.

The collaboration includes 4 Hengrui-led oncology and hematology programs, 4 BMS-led immunology programs, and 5 jointly developed innovative projects leveraging Hengrui’s R&D engine and technology platforms. Hengrui holds options for co-development of selected programs and potential global co-commercialization rights with BMS.

Under the agreement, BMS obtains exclusive global rights (excluding Mainland China, Hong Kong, and Macau) to Hengrui-originated and jointly developed programs. Hengrui gains exclusive rights in Mainland China, Hong Kong, and Macau for BMS-originated programs, while BMS retains rights in all other global markets. Hengrui will lead early clinical development to accelerate proof-of-concept.

Hengrui’s pipeline spans PD-1, CDK4/6, HER2 ADC, bispecific antibodies, GLP-1, and autoimmune therapies, covering oncology, metabolic, neurological, and autoimmune diseases.

Under the financial terms, BMS will pay up to $950 million in near-term payments, including a $600 million upfront payment, $175 million first anniversary payment, and a conditional $175 million second anniversary payment in 2028. The total potential deal value may reach approximately $15.2 billion, including development, regulatory, and commercial milestones as well as option exercises. Hengrui is also entitled to tiered royalties on global net sales outside Greater China.