GlaxoSmithKline finalized a multi-billion dollar licensing agreement with Jiangsu Hengrui Pharmaceuticals granting rights to the potential best-in-class phosphodiesterase inhibitor HRS-9821 for COPD, alongside 11 other clinical programs. The upfront payment is $500 million with up to $12 billion in milestone payments possible. The deal reflects GSK’s intent to expand its respiratory portfolio and strengthen cross-border collaborations as it recently secured FDA approval for Nucala in COPD and continues to develop treatments across immunology and oncology sectors.