GlaxoSmithKline has entered a landmark agreement with Jiangsu Hengrui Pharmaceuticals, paying $500 million upfront for rights to the experimental COPD drug HRS-9821 along with options on 11 additional compounds in immunology and oncology. This deal, potentially worth $12 billion in milestones, aims to broaden GSK’s COPD treatment portfolio beyond existing medicines like Nucala. The partnership represents a notable trend of Western pharma investing in Chinese drug pipelines to diversify their respiratory and immunology offerings.