Overview

• GSK will pay $500 million upfront and could disburse up to $12 billion more upon achievement of development, regulatory approval and sales milestones
• The agreement grants GSK exclusive development and commercialization rights outside mainland China, Taiwan, Hong Kong and Macau for HRS-9821 and 11 additional Hengrui programmes
• HRS-9821 is a PDE3/4 inhibitor in Phase I testing for COPD that has demonstrated bronchodilation and anti-inflammatory effects and may be delivered via dry-powder inhaler
• The collaboration covers up to 12 candidates across respiratory, oncology, immunology and inflammation, with Hengrui responsible for Phase I development and GSK holding global commercialization options thereafter
• The deal highlights China’s growing R&D influence as pharmaceutical out-licensing values approached $66 billion in the first half of 2025, boosting multinational pipeline diversification