Pharma BD Deal Intelligence
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).