BMS and Hengrui Partner on 13 Oncology, Hematology, and Immunology Programs in Deal Worth Potentially $15.2 Billion

Bristol Myers Squibb (BMS) and Hengrui Pharma have entered into a global strategic collaboration and licensing agreement spanning 13 early-stage programs across oncology, hematology, and immunology, with the companies aiming to accelerate discovery and development of new therapies worldwide.¹

The agreement, announced on May 12, 2026, includes 4 oncology and hematology assets originating from Hengrui, 4 immunology assets originating from BMS, and 5 jointly discovered and developed programs. According to the companies, the collaboration combines BMS’s global development and commercialization capabilities with Hengrui’s discovery platforms and early-stage development infrastructure.

Under the agreement, BMS will pay Hengrui up to $950 million, including a $600 million upfront payment, a $175 million payment after the first anniversary, and a second contingent anniversary payment of $175 million in 2028. The total potential value of the collaboration could reach approximately $15.2 billion through milestone payments and option exercises tied to development, regulatory, and commercial achievements.

The transaction remains subject to regulatory review and customary closing conditions, with the companies expecting closure in the third quarter of 2026.

How will the BMS–Hengrui collaboration divide global development rights?

According to the agreement, BMS will receive exclusive worldwide rights to Hengrui-originated assets outside mainland China, Hong Kong Special Administrative Region, and Macau Special Administrative Region, collectively referred to as the Hengrui Territory.¹ Hengrui will receive exclusive rights to BMS-originated assets within the Hengrui Territory, while BMS will retain rights in the rest of the world.

Hengrui will oversee early clinical development activities intended to accelerate proof-of-concept generation for the partnered programs. Hengrui will also have options to co-develop selected assets and potentially participate in certain global commercialization activities alongside BMS.

“This strategic collaboration reflects our commitment to advancing innovative science while maintaining a disciplined approach to portfolio management,” said Robert Plenge, MD, PhD, executive vice president and chief research officer, Bristol Myers Squibb, in a company press release.¹ “By leveraging complementary capabilities across geographies, we aim to accelerate early clinical learning and make informed decisions that support driving top tier growth in the next decade and, ultimately, our mission to deliver medicines that help patients prevail over serious diseases.”

What therapeutic areas and modalities are included in the agreement?

The collaboration focuses on programs in oncology, hematology, and immunology, areas the companies described as having substantial unmet medical need. The jointly developed programs will leverage Hengrui’s discovery engine and platform technologies across multiple therapeutic modalities. The companies did not disclose specific targets or compounds involved in the agreement.

The collaboration is intended to support advancement of innovative medicines by combining complementary scientific and operational capabilities such as BMS’ strengths in clinical development, regulatory expertise, and global commercialization and Hengrui’s discovery and early development infrastructure.

“This broad strategic collaboration reflects a highly synergistic collaboration between two global innovators with complementary strengths,” said Frank Jiang, MD, PhD, executive vice president and chief strategy officer, Hengrui Pharma, in the release.¹ “By leveraging Hengrui’s growing R&D capabilities and proven efficiency in discovering and advancing innovative therapies, we are poised to advance the best of both pipelines.”

How does the collaboration support long-term pipeline growth?

The agreement aligns with both organizations’ collaborative innovation strategies and long-term growth objectives. The structure of the partnership includes discovery-stage research, early clinical development, licensing rights, milestone opportunities, and royalties tied to commercialization outside the Hengrui Territory.

In addition to upfront and anniversary payments, Hengrui is eligible to receive tiered royalties on net sales of products commercialized outside its retained territories.

BMS stated that the collaboration is designed to accelerate early clinical learning and facilitate portfolio decisions across a broad set of investigational assets. Hengrui described the agreement as part of its effort to expand its global pharmaceutical presence and development footprint.¹

The collaboration encompases programs targeting cancer, immune-mediated diseases, and hematologic disorders, which are areas that continue to represent significant investment priorities across the biopharmaceutical industry.²

References

1. Bristol Myers Squibb. Bristol Myers Squibb and Hengrui Pharma announce strategic agreements to advance innovative medicines across oncology, hematology, and immunology. Published May 12, 2026. Accessed May 12, 2026. https://news.bms.com/news/details/2026/Bristol-Myers-Squibb-and-Hengrui-Pharma-Announce-Strategic-Agreements-to-Advance-Innovative-Medicines-Across-Oncology-Hematology-and-Immunology-2026-EbQpaI6Zdc/default.aspx
2. SelectUSA. Biopharmaceuticals Industry. Accessed May 12, 2026. https://www.trade.gov/selectusa-biopharmaceuticals-industry