Story perspectives

BMS Strikes $15.2B Deal with Hengrui for 13 Therapies

5/13/2026

Summary

BMS Strikes Deal

Bristol Myers Squibb announced on May 12, 2026 a deal with Hengrui Pharma valued at $15.2 billion.
The pact covers 13 programs: four oncology/hematology assets from Hengrui, four immunology assets from BMS, and five discovered.
BMS will pay $600 million upfront, $175 million after one year and $175 million in 2028.
BMS receives rights to Hengrui’s oncology and hematology drugs outside China, Hong Kong and Macau, while Hengrui receives rights to BMS’s immunology drugs there.

Summary

Hengrui Shares Surge

Hengrui's shares rose 8% in Shanghai and up to 13% in Hong Kong, reaching HK$76.75 after the deal.
The partnership helps Hengrui offset pressure from Beijing’s bulk-buying programmes that have squeezed generic drug revenues.
Analysts say the agreement gives U.S. investors a new way to access Chinese biotech via ADRs or China-focused ETFs.
Because all 13 programmes remain pre-clinical, the collaboration carries development risk that could raise Hengrui’s stock volatility.

History

Historical Context

The Shanghai Stock Exchange’s STAR Market, launched on July 22 2019 to pilot a registration-based IPO system, raised about $10 billion in its first year and attracted biotech giant Hengrui Pharma’s $1.2 billion IPO. That early capital push set the stage for Bristol Myers Squibb’s 2026 $15.2 billion oncology deal with Hengrui, exemplifying the growing China-U.S. biotech partnership trend.

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BMS Strikes Deal

Bristol Myers Squibb announced on May 12, 2026 a deal with Hengrui Pharma valued at $15.2 billion.
The pact covers 13 programs: four oncology/hematology assets from Hengrui, four immunology assets from BMS, and five discovered.
BMS will pay $600 million upfront, $175 million after one year and $175 million in 2028.
BMS receives rights to Hengrui’s oncology and hematology drugs outside China, Hong Kong and Macau, while Hengrui receives rights to BMS’s immunology drugs there.

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