GlaxoSmithKline inked a significant licensing deal with China’s Hengrui Pharmaceuticals for up to $12.5 billion, gaining rights to 12 drug assets including HRS-9821, a PDE3/4 inhibitor targeting COPD. The agreement covers an exclusive worldwide license with exceptions for select Asian regions and reflects GSK's strategic push into respiratory, oncology, immunology, and inflammation areas. Early development data and ongoing clinical testing support the collaboration, which is seen as a marked example of shifting cross-border pharmaceutical partnerships.