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Bristol Myers and Hengrui Ink Up to $15.2 Billion Drug Discovery Alliance

The pact reflects big pharma’s push to tap Chinese discovery engines.

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BMS will pay Hengrui up to US$950 million in near-term consideration, including an upfront payment of US$600 million. Photo: Handout
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The deal between BMS and Hengrui involves 13 assets spanning the disease areas of oncology, haematology and immunology. Credit: PixelBiss / Shutterstock.com.

Overview

  • Announced Tuesday, the collaboration spans 13 preclinical programs in oncology, hematology and immunology, including four Hengrui assets, four BMS assets and five joint projects.
  • The pact carries potential value of about $15.2 billion if options are exercised and milestones are met, with BMS committing up to $950 million in near‑term payments.
  • BMS gains rights to Hengrui‑originated drugs outside mainland China, Hong Kong and Macau, while Hengrui takes Greater China rights to BMS immunology assets, and Hengrui leads early clinical testing to reach proof of concept faster.
  • The transaction requires U.S. Hart‑Scott‑Rodino antitrust review and other customary approvals, with closing targeted in the third quarter of 2026.
  • Hengrui shares rose in Shanghai and Hong Kong after the news, underscoring investor interest as Western drugmakers look to Chinese partners to refresh pipelines under patent pressure.