Pharma BD Deal Intelligence
In May 2024, Jiangsu Hengrui Pharmaceuticals granted exclusive ex-Greater China rights to develop, manufacture and commercialize its GLP-1 portfolio (HRS-7535, HRS9531, HRS-4729) to Hercules CM NewCo, a Delaware company backed by Bain Capital, Atlas Venture and RTW Investments. Hengrui received $110M upfront/near-term, up to $200M in development and regulatory milestones, up to $5.725B in sales milestones, tiered royalties, and a 19.9% equity stake. The NewCo launched publicly as Kailera Therapeutics (CEO Ron Renaud) and rapidly capitalized the platform: a $400M Series A (Oct 2024) and a $600M Series B (Oct 2025), followed by a record-setting $625M Nasdaq IPO (KLRA) on April 17, 2026 priced at $16/share. The deal thesis has been strongly validated: lead asset HRS9531 — an injectable dual GLP-1/GIP receptor agonist developed globally by Kailera as ribupatide (KAI-9531) — reported positive Phase 3 topline data in China (July 15, 2025), with up to 19.2% mean weight loss at 48 weeks, and Hengrui has filed for Chinese approval. Kailera began its global KaiNETIC Phase 3 program (three trials, doses up to 10 mg over 76 weeks; data expected ~2028) with first participants randomized in January 2026, and reported positive Phase 2 data for oral ribupatide in February 2026.