Bristol Myers Squibb and Hengrui Pharma agreed to collaborate across 13 early-stage programs spanning oncology, hematology, and immunology, with deal economics that could reach more than $15.2 billion. The companies said Hengrui will oversee early clinical development to accelerate proof of concept. Under the global strategic collaboration and license framework, Hengrui will control early clinical development while BMS retains exclusive rights outside Hengrui’s territory (mainland China, Hong Kong, and Macau) for Hengrui-originated assets. Hengrui will hold exclusive rights within those areas for BMS-originated programs. BMS will pay Hengrui up to $950 million over two years, including a $600 million upfront payment and two $175 million anniversary payments. Both sides also outlined milestone payments and tiered royalties tied to products commercialized outside Hengrui’s territory. The agreement consolidates BMS discovery resources and Hengrui’s platform technologies, marking another major globalization step for China-based biopharma as deal activity concentrates on immunology and oncology development platforms.