GlaxoSmithKline has entered into a wide-ranging collaboration with Jiangsu Hengrui Pharmaceuticals valued at up to $12.5 billion, which includes an upfront payment of $500 million. The deal grants GSK exclusive worldwide rights (excluding Greater China and Taiwan) to Hengrui's PDE3/4 inhibitor HRS-9821 for chronic obstructive pulmonary disease, among 12 assets in development spanning respiratory, immunology, inflammation, and oncology. The agreement reflects GSK's strategic investment in validated targets to expand its COPD portfolio and complement its established inhaled therapies, including the recently FDA-approved Nucala for eosinophilic COPD. Clinical trials for HRS-9821's inhalation powder formulation have commenced in China, signaling near-term development progress.