Bristol Myers Squibb (BMS) signed a strategic licensing agreement with Chinese biotech firm Hengrui Pharma worth up to $15.2 billion.
The collaboration focuses on 13 early-stage programs in oncology, hematology, and immunology. BMS will pay Hengrui $950 million in near-term payments, covering upfront costs and initial milestones.
The deal ranks among the largest partnerships between global pharmaceutical giants and Chinese biotech firms. Both companies will share research and development responsibilities. BMS is contributing four of its own immunology assets for co-development under the agreement.