Bristol Myers Squibb and Chinese biopharma company Hengrui Pharma have signed one of the largest licensing and collaboration deals in pharmaceutical industry history, encompassing 13 early-stage oncology, immunology, and haematology assets with a potential full value of $15.2 billion (€14.1 billion), according to Pharmaceutical Technology.

BMS will pay $600 million (€554 million) upfront, with up to $175 million (€162 million) payable on both the first and second anniversary of the deal, and up to $14.25 billion (€13.2 billion) in milestones and potential joint discovery payments to Hengrui.

Under the agreement, BMS secures exclusive global rights outside Greater China to four haematology assets developed by Hengrui, while Hengrui acquires rights to four BMS-developed immunology candidates across mainland China, Hong Kong, and Macau. The two companies have also entered a co-development agreement covering five additional innovative assets, with Hengrui eligible to participate in global commercial activities for certain medicines pending regulatory approval.

Dr Robert Plenge, executive vice president of BMS, said: "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."

The deal forms part of BMS's broader pipeline-restocking strategy as it prepares for patent expiry headwinds on key products including Opdivo and Eliquis. Recent moves include the $1.5 billion acquisition of Orbital Therapeutics and an $850 million licensing deal with Janux Therapeutics.

BMS is also advancing late-stage programmes including potential Eliquis successor milvexian and exploring its schizophrenia medicine Cobenfy in Alzheimer's psychosis through the pivotal ADEPT programme.

Access the full story for comprehensive details on the BMS and Hengrui alliance structure and pipeline assets.