Bristol Myers Squibb (BMS) and Jiangsu Hengrui Pharma have agreed to collaborate on 13 early-stage programs across oncology, hematology, and immunology in a deal valued at up to $15.2 billion. The structure splits territories: Hengrui oversees early clinical development and retains exclusive rights within Hengrui’s territory, while BMS gains exclusive rights outside China, Hong Kong, and Macau. BMS will pay Hengrui up to $950 million over two years, including a $600 million upfront payment and additional contingent anniversary payments. The parties framed the pact as combining BMS global clinical development and regulatory capabilities with Hengrui’s discovery and early-stage efficiency. The agreement underscores how major Western pharma is restocking pipelines through China-based partners for both global development and faster proof-of-concept generation—at a time when competition for mid-to-late stage assets remains intense.