Bristol Myers Squibb (BMS) and Hengrui Pharma announced a collaboration spanning 13 early-stage programs across oncology, hematology and immunology, with an aggregate value potentially exceeding $15.2 billion. Under the agreement, Hengrui will fully oversee early clinical development to accelerate proof of concept. Hengrui will also have options to co-develop selected assets and may conduct certain commercialization activities outside its core territory. Financial terms include $950 million to be paid to Hengrui over two years, starting with a $600 million upfront payment. The deal structure grants BMS exclusive worldwide rights outside China, Hong Kong and Macau for Hengrui-originated candidates, while Hengrui receives exclusive rights to BMS-originated assets within those areas.