What is the total potential value of the partnership between Bristol Myers Squibb and Jiangsu Hengrui Pharmaceuticals, and how is it structured?

The potential total value of the agreement is up to approximately $15.2 billion, including the exercise of available options for the joint discovery programs and the achievement of applicable development, regulatory, and commercial milestones for all programs. BMS will pay Hengrui $600 million up front, followed by $175 million in annual payments over the next 2 years.

Why is Jiangsu Hengrui Pharmaceuticals notable in the context of this deal?

Jiangsu Hengrui Pharmaceuticals is described as a Chinese drugmaker that has become a popular partner for international pharmaceutical firms in recent years, and Bristol Myers Squibb is noted as the latest big pharma company to collaborate with it.

BMS Is Latest Big Pharma Firm to Partner with China’s Hengrui

May 15, 2026

Bristol Myers Squibb has partnered with Chinese drugmaker Hengrui Pharmaceuticals in a deal potentially worth up to $15.2 billion, featuring a $600 million upfront payment and milestone options.

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