GlaxoSmithKline (GSK) inked a $500 million upfront agreement with China’s Jiangsu Hengrui Pharmaceuticals for exclusive rights to HRS-9821, a potential best-in-class PDE3/4 inhibitor for chronic obstructive pulmonary disease, plus a portfolio of eleven other drug candidates. The deal includes milestones that could raise the total to $12 billion. This pact marks a notable example of Western pharma expanding pipelines through China-based partners, particularly in respiratory and immuno-oncology areas.