Bristol Myers Squibb and Hengrui Pharma expanded their China-centric collaboration, agreeing to a broad deal covering 13 early-stage programs. The pact, structured as a “biobucks” arrangement, includes a $600 million upfront payment and could reach $15.2 billion across development, regulatory, and commercial milestones. The companies said the alliance is designed to pull forward candidate programs from both pipelines, reflecting the growing role of China-based R&D throughput in global drug development strategies. The structure also signals continued Western reliance on Chinese discovery and early development assets. The announcement follows the broader market focus on cross-border partnerships that can refill pipelines while compressing early-stage timelines.