Bristol Myers Squibb Agrees to Up to $15.2B Deal With Hengrui Pharma for 13 Early-Stage Programs

Bristol Myers Squibb announced a partnership with Hengrui Pharma on May 12, 2026, to advance 13 early-stage programs spanning oncology, hematology and immunology. 2 billion, contingent on option exercises for joint-discovery programs and achievement of development, regulatory and commercial milestones across all 13 programs.

Bristol Myers Squibb will pay Hengrui up to $950 million, including a $600 million upfront payment.

The company will make a $175 million payment after the first anniversary of the deal and a contingent $175 million anniversary payment in 2028. Under the agreement, Bristol Myers Squibb will gain rights to four Hengrui oncology and hematology drug candidates outside of mainland China, Hong Kong, and Macau.

The companies will work together to advance five other drugs. Hengrui Pharma will take the lead on early clinical development of all the programs. The partnership covers more than a dozen early-stage programs.

The deal is pending regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act and is expected to close in the third quarter of 2026. The announcement follows Bristol Myers Squibb's drug Sotyktu receiving FDA approval for treating adults with active psoriatic arthritis. Sotyktu demonstrated superior disease control compared to placebo in Phase 3 trials.

The STAT article detailing the partnership was published on May 12, 2026. Andrew Joseph is the Europe Correspondent who wrote the STAT article.