Bristol Myers Squibb and China's Hengrui Pharma launch $15.2 billion alliance covering up to 13 early-stage drugs

Bristol Myers Squibb announced a new partnership with Chinese drugmaker Hengrui Pharma that could be worth more than $15.2 billion and includes up to 13 early-stage drug candidates.

The deal reflects a broader trend of large Western pharmaceutical companies turning to China for drug discovery, drawn by regulatory flexibility, lower supply-chain costs and a surge in biotech investment.

According to BioPharma Dive, more than 60 licensing agreements between U.S. or European firms and Chinese partners were signed last year, with dozens more already in progress, reshaping the global pipeline.