Pharma BD Deal Intelligence

Braveheart Bio, Inc. / Jiangsu Hengrui Pharmaceuticals Co. Ltd.

2025 · Licensing/Option · $1.1B · Complete

Jiangsu Hengrui Pharmaceuticals granted Braveheart Bio an exclusive license to develop, manufacture and commercialize HRS-1893, a cardiac myosin inhibitor in Phase 3 development for obstructive hypertrophic cardiomyopathy, worldwide excluding Mainland China, Hong Kong SAR, Macao SAR and Taiwan Region. Hengrui receives $65 million upfront, comprising $32.5 million in cash and $32.5 million in Braveheart Bio equity, up to $10 million in near-term payments on completion of technology transfer, and up to $1.013 billion in development and commercial milestones plus royalties on net sales. Braveheart Bio is a NewCo backed by Forbion and OrbiMed.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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