M Stanley: HENGRUI PHARMA Forms USD15.2B Strategic Partnership with Bristol-Myers Squibb Company to Accelerate Globalization
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M Stanley reports that HENGRUI PHARMA has formed a USD15.2 billion strategic partnership with Bristol-Myers Squibb, covering 13 pre-clinical assets. The deal includes a USD600 million upfront payment, annual payments of USD350 million for 2027-2028, and up to USD14.3 billion in milestone payments. This collaboration is expected to enhance HENGRUI's R&D and globalization capabilities, particularly in the immunology market in China. M Stanley maintains an Overweight rating on HENGRUI PHARMA with a target price of HKD92 for its H shares.
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