Pharma BD Deal Intelligence
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Full analysis, sources & comparables →Merck's licensing of HRS-5346 from Jiangsu Hengrui gives the Big Pharma a second swing at the Lp(a) opportunity, where an estimated 1.4 billion people globally…
Jiangsu Hengrui Pharmaceuticals Co., Ltd. announced that it has entered into an exclusive license agreement with Merck for HRS-5346, an oral small molecule…
Readout LOUD podcast: Merck's heart disease win with enlicitide PCSK9 oral results positions the company to expand cardiovascular leadership, with the article…
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Merck (Rahway, NJ) licensed global rights ex-Greater China to Jiangsu Hengrui Pharmaceuticals' HRS-5346 (Merck code MK-7262), an investigational oral small molecule Lipoprotein(a) [Lp(a)] inhibitor for cardiovascular disease. Announced March 25, 2025, the exclusive license closed in May 2025; Merck recorded the $200M upfront as a charge to R&D expense in Q2 2025. Hengrui is eligible for development and regulatory milestones up to $177.5M and sales-based milestones up to $1.5B, plus tiered royalties (mid-single-digit to low-double-digit) on ex-China net sales. Hengrui retains Greater China rights. The asset's Phase 2 China trial (NCT06816264, n=120, Shandong Suncadia/Hengrui) reached primary completion on Sept 29, 2025. HRS-5346 gives Merck a second Lp(a) shot alongside its own program and adds an oral option to a category dominated by injectable siRNA/antisense agents from Amgen, Novartis and Eli Lilly, addressing an estimated ~1.4 billion people worldwide with elevated Lp(a).
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Merck & Co. Inc. / Jiangsu Hengrui Pharmaceuticals Co. Ltd. (this deal) | 2025 | $2.0B | — |
| Merck & Co. Inc. / Acceleron Pharma Inc. | 2021 | $11.5B | 90 |
| Merck & Co. Inc. / Peloton Therapeutics Inc. | 2019 | $2.2B | 88 |
| Merck & Co. Inc. / AstraZeneca PLC | 2017 | $8.5B | 87 |
| Merck & Co. Inc. / Moderna, Inc. | 2022 | $250M | 86 |
| Merck & Co. Inc. / Moderna, Inc. | 2016 | $250M | 84 |
| Merck & Co. Inc. / Eisai Co., Ltd. | 2018 | $5.8B | 83 |
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