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yesterday

GSK Closes $12 Billion Licensing Pact for Hengrui’s COPD Therapy and 11 Preclinical Assets

The pact underscores Chinese biotech’s rapid rise in global licensing, with Hengrui leading Phase I trials for the COPD asset before GSK’s later-stage development.

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Signage is pictured in the main lobby of GSK offices in London, Britain, February 20, 2025. REUTERS/Chris J. Ratcliffe/File Photo
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Overview

  • GSK’s definitive agreement includes a $500 million upfront payment and potential milestone fees up to $12 billion, with the licence pending regulatory clearances such as US Hart-Scott-Rodino approval.
  • Under the deal, GSK gains exclusive global rights outside mainland China, Hong Kong, Macau and Taiwan to HRS-9821, a PDE3/4 inhibitor for COPD, along with 11 additional preclinical programmes.
  • HRS-9821 enters Phase I trials led by Hengrui, drawing on early data that showed potent anti-inflammatory and bronchodilation effects and potential for a dry-powder inhaler.
  • Hengrui will manage early development of the 11 supplementary assets through Phase I before GSK can exercise options to advance and commercialise them worldwide.
  • The agreement reflects China’s leap in pharma out-licensing to almost $66 billion in H1 2025 and its share of global licensing rising to 28 percent in 2024.