Hengrui and Bristol Myers Squibb Sign $15.2 Billion Drug Deal

On May 12, 2026, Jiangsu Hengrui Pharmaceuticals, China's biggest drugmaker by market value, and Bristol Myers Squibb announced global collaboration and licensing deals with potential milestone payments of up to $15.2 billion. The agreement represents one of the largest pharmaceutical partnerships between a Chinese and an American drugmaker.

The deal covers 13 drug programs: four cancer and blood-disease candidates from Hengrui, four immunology candidates from Bristol Myers Squibb, and five joint projects. All programs remain in early stages and have not yet entered human clinical trials.

Under the licensing terms, Bristol Myers Squibb gains worldwide rights to Hengrui-developed assets outside mainland China, Hong Kong, and Macau. Hengrui secures exclusive rights to Bristol Myers Squibb's programs within those three markets. The deals are expected to close in the third quarter of 2026.

Hengrui shares rose approximately 8% in Shanghai following the announcement, reflecting investor confidence in the partnership's revenue potential. The agreement comes as foreign drugmakers increasingly pursue partnerships with Chinese pharmaceutical companies to access promising early-stage assets. Hengrui has previously struck similar deals with Merck and GSK, signaling a broader strategic shift toward global collaboration in the industry.