Bristol-Myers Squibb Co. (NYSE:BMY) on Tuesday announced a partnership with Hengrui Pharma to develop a portfolio of 13 early-stage programs spanning oncology, hematology and immunology.
The deal follows the company’s earlier success with Sotyktu, an oral drug, which received FDA approval for treating adults with active psoriatic arthritis after demonstrating superior disease control compared to placebo in Phase 3 trials.
Terms and Conditions
Under the terms of the agreement, Bristol Myers Squibb will pay Hengrui up to $950 million, including a $600 million upfront payment, a $175 million payment after the first anniversary of the deal and another contingent $175 million anniversary payment in 2028.
The total potential value of the collaboration could reach approximately $15.2 billion, contingent on option exercises for joint-discovery programs and the achievement of development, regulatory and commercial milestones across all 13 programs.
The deal, pending regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act, is expected to close in the third quarter of 2026.
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