Bristol Myers Squibb (BMS) and Hengrui Pharma have entered into a major global strategic collaboration to advance a portfolio of 13 early-stage programs across oncology, hematology, and immunology. This partnership aims to leverage the combined R&D strengths of both companies to accelerate the delivery of innovative medicines.
Financial Terms and Total Deal Value The agreement features a high-stakes financial structure:
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Upfront Payment: BMS will pay Hengrui $600 million initially.
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Anniversary Payments: Two installments of $175 million each scheduled for 2027 and 2028.
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Potential Total Value: Up to approximately $15.2 billion, including milestone-based payments and tiered royalties on international net sales.
Collaborative Portfolio Breakdown The 13-program portfolio is divided into three categories:
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4 Assets from Hengrui: Focused on oncology and hematology.
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4 Assets from BMS: Focused on immunology.
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5 Joint Discovery Assets: New innovative candidates to be co-developed using Hengrui’s discovery engine and platform technologies.
Territorial Rights and Operational Roles
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BMS Rights: Exclusive worldwide rights to Hengrui-originated assets outside of Mainland China, Hong Kong, and Macau.
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Hengrui Rights: Exclusive rights to BMS-originated assets within the aforementioned Chinese territories.
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Development: Hengrui will lead early clinical development to accelerate clinical proof of concept across the shared portfolio.
The collaboration is expected to close in the third quarter of 2026.