Bristol Myers Squibb and Hengrui Pharma have announced a global strategic collaboration and licensing agreement to jointly advance a portfolio of 13 early-stage programmes across oncology, haematology and immunology. The partnership aims to accelerate the discovery and development of innovative therapies for patients worldwide by combining the scientific and development capabilities of both companies.

Under the collaboration, the portfolio will include four oncology and haematology assets from Hengrui Pharma, four immunology assets from Bristol Myers Squibb (BMS), and five jointly discovered and developed programmes leveraging Hengrui’s discovery engine and platform technologies across multiple therapeutic modalities. Hengrui will also have the option to co-develop selected assets and potentially participate in certain commercialisation activities globally alongside BMS.

As part of the agreement, BMS will obtain exclusive worldwide rights to Hengrui-originated assets outside mainland China, Hong Kong SAR and Macau SAR, while Hengrui will gain exclusive rights to BMS-originated assets within these territories. BMS will retain rights for the rest of the world. Hengrui will lead early-stage clinical development activities aimed at accelerating proof-of-concept studies for the programmes.

The collaboration is designed to combine BMS’s global strengths in research, clinical development, regulatory expertise and commercialisation with Hengrui Pharma’s discovery platforms and efficient early-stage development capabilities. The companies stated that the alliance reflects their shared commitment to advancing innovative science in areas with significant unmet medical need.

Robert Plenge, Executive Vice President and Chief Research Officer at Bristol Myers Squibb, said the collaboration aligns with the company’s strategy of advancing innovative science while maintaining a disciplined portfolio approach. He noted that leveraging complementary capabilities across geographies would help accelerate early clinical learning and support the development of next-generation therapies for serious diseases.

Frank Jiang, Executive Vice President and Chief Strategy Officer of Hengrui Pharma, described the agreement as a highly synergistic collaboration between two global innovators. He added that the partnership would strengthen Hengrui’s global presence while enabling both companies to advance high-value therapeutic programmes for patients worldwide.

Under the financial terms of the agreement, BMS will pay Hengrui up to USD 950 million, including a USD 600 million upfront payment, a USD 175 million first anniversary payment and an additional contingent anniversary payment of USD 175 million in 2028. The total potential value of the collaboration could reach approximately USD 15.2 billion, including milestone payments linked to development, regulatory approvals and commercial performance. Hengrui will also be eligible to receive tiered royalties on net sales of products commercialised outside its designated territories.

The transaction remains subject to regulatory review under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. Both companies expect the agreement to close in the third quarter of 2026.