Bristol Myers Squibb announced on Tuesday a partnership with Hengrui Pharma covering more than a dozen early-stage programs, the latest and a notably large case of a global pharmaceutical company looking to China for its next medicines.Â
The licensing agreement includes a $600 million upfront payment from Bristol to Hengrui, and has a potential value of up to $15.2 billion if all milestones for the included drugs are reached.
As part of the deal, Bristol will gain the rights to four Hengrui oncology and hematology drug candidates outside of mainland China, Hong Kong, and Macau. The pact also gives Hengrui the rights to commercialize four immunology drugs from Bristol in that region. And the companies will work together to advance five other drugs, with Hengrui taking the lead on the early clinical development of all the programs.Â
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