Bristol-Myers Squibb Company / Jiangsu Hengrui Pharmaceuticals Co., Ltd.
2026 · Licensing/Option · $15.2B · Pending
Announcement Sentiment
50
Neutral / mixed
BMS and Hengrui entered into a multi-asset strategic collaboration and license covering 13 early-stage programs (4 Hengrui oncology/hematology assets, 4 BMS immunology assets, 5 joint-discovery programs). BMS pays Hengrui $600M upfront, $175M first-anniversary, $175M contingent second-anniversary (i.e., up to $950M near-term), plus option-exercise fees and milestones bringing total potential value to ~$15.2B, plus tiered royalties. One of the largest pharma-China alliances on record.
Key facts
AnnouncedMay 12, 2026
Deal value$15.2B
Deal typeLicensing/Option
Therapeutic areaOncology, hematology, and immunology (multi-indication)
IndicationsOncology, hematology, and immunology (multi-indication)
Key assetsMulti-program portfolio (13 assets across oncology, hematology, immunology; modalities span small molecules, antibodies, ADCs, bispecifics)