Bristol Myers Squibb Partners with China's Hengrui Pharma on Dozen Drugs in $15.2B Deal

Bristol Myers Squibb and China's Hengrui Pharma announced a partnership on May 12, 2026, to advance more than a dozen early-stage drug programs in a deal worth up to $15.2 billion. Bristol Myers pays Hengrui a $600 million upfront payment and gains rights to four oncology and hematology candidates outside mainland China, Hong Kong, and Macau, while Hengrui gains rights to commercialize four Bristol Myers immunology drugs in those territories.

Bristol-Hengrui partnership deal

• ▪Bristol Myers Squibb announced a partnership with Hengrui Pharma on May 12, 2026.
• ▪The Bristol Myers Squibb and Hengrui Pharma partnership covers more than a dozen early-stage programs.
• ▪The Bristol Myers Squibb and Hengrui Pharma partnership is a notably large case of a global pharmaceutical company looking to China for its next medicines.
• ▪The Bristol Myers Squibb and Hengrui Pharma licensing agreement has a potential value of up to $15.2 billion if all milestones for the included drugs are reached.
• ▪Bristol Myers Squibb will pay Hengrui Pharma a $600 million upfront payment as part of the licensing agreement.

Drug licensing arrangements

• ▪Bristol Myers Squibb and Hengrui Pharma will work together to advance five other drugs, with Hengrui taking the lead on early clinical development of all the programs.
• ▪Hengrui Pharma will gain rights to commercialize four immunology drugs from Bristol Myers Squibb in mainland China, Hong Kong, and Macau.
• ▪Bristol Myers Squibb will gain rights to four Hengrui oncology and hematology drug candidates outside of mainland China, Hong Kong, and Macau.

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