GSK licensed a potential best-in-class PDE3/4 inhibitor HRS-9821 for COPD from Hengrui Pharma, plus agreements to develop up to 11 additional programs across respiratory, immunology/inflammation, and oncology. GSK paid $500M upfront for the PDE3/4 program. Total potential value up to ~$12B if all programs are optioned and all milestones achieved. Hengrui leads development through Phase 1 completion.
Key facts
AnnouncedJul 28, 2025
Deal value$12.0B
Deal typeLicensing/Option
Therapeutic areaRespiratory
IndicationsCOPD, Respiratory Diseases
Key assetsHRS-9821 (PDE3/4 inhibitor), Up to 11 additional Hengrui programs