Bristol Myers Squibb signs up to $15.2 billion partnership with China's Hengrui Pharma

Bristol Myers Squibb announced a licensing partnership with China's Hengrui Pharma covering more than a dozen early-stage drug programs.

The agreement includes a $600 million upfront payment to Hengrui and could be worth up to $15.2 billion if all development milestones are met.

Under the deal, BMS will obtain rights to four oncology and hematology candidates outside mainland China, Hong Kong and Macau, while Hengrui will commercialize four of BMS's immunology drugs in those markets.

The two companies will jointly advance five additional programs, with Hengrui leading early clinical work.