China’s Hengrui Jumps After Inking USD15 Billion Innovative Drug Deal With BMS
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Hengrui Pharmaceutical's shares surged after announcing a USD15.2 billion deal with Bristol Myers Squibb (BMS) to co-develop 13 innovative drugs. Hengrui's stock rose 4.8% in Shanghai and 5.7% in Hong Kong. The agreement grants Hengrui exclusive rights in China, while BMS retains global rights. BMS will pay Hengrui USD950 million upfront, with additional milestone payments, and Hengrui will receive royalties on net sales outside China. The deal awaits regulatory approval and is expected to finalize in Q3 2023, enhancing both companies' drug development capabilities.
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