Bristol Myers Squibb and Hengrui Pharma agreed to a collaboration spanning 13 early-stage programs across oncology, hematology, and immunology, with potential value of more than $15.2 billion. BMS will receive exclusive worldwide rights outside Hengrui’s China territory, while Hengrui retains rights inside Hengrui’s footprint, with joint discovery and development elements included. The structure gives Hengrui responsibility for early clinical development to accelerate proof-of-concept generation, while BMS leverages global clinical development, regulatory expertise, and commercialization capabilities. The deal includes a $600 million upfront payment over two years, plus additional anniversary payments and milestone-based economics. Strategically, the pact signals continued globalization of China discovery engines into Western development pipelines, with large-cap pharmas seeking to replenish early-stage assets and reduce reliance on late-stage internal R&D.