GlaxoSmithKline entered a multi-billion-dollar licensing agreement with Jiangsu Hengrui Pharmaceuticals granting GSK rights to a portfolio of 12 drugs, including a promising phase I phosphodiesterase 3 and 4 inhibitor (HRS-9821) targeting chronic obstructive pulmonary disease. The deal features a $500 million upfront payment and up to $12 billion in milestone payments. This strategic partnership aims to bolster GSK’s respiratory drug offerings by expanding its COPD treatment pipeline with potential best-in-class agents and additional programs in immunology and oncology under development.