Bristol Myers Squibb and Hengrui Pharma signed a collaboration and license agreement covering 13 early-stage programs spanning oncology/hematology and immunology, valued at up to $15.2 billion. The partnership structure gives BMS exclusive rights to Hengrui-origin candidates outside Hengrui’s China/Hong Kong/Macau territory, while Hengrui receives rights to BMS-origin assets in those areas. BMS will pay up to $950 million over two years, including a $600 million upfront payment plus anniversary milestones. Hengrui is set to oversee early clinical development to accelerate proof-of-concept, with BMS retaining options to co-develop and commercialize select assets depending on milestones. The deal is notable for combining BMS’s global development and regulatory capabilities with Hengrui’s early development engine, reinforcing how large biopharma is continuing to expand discovery and pipeline coverage through multi-asset platform partnerships.