Bristol Myers Squibb (BMS) and Jiangsu Hengrui Pharmaceuticals announced a collaboration spanning 13 early-stage programs across oncology, hematology and immunology. BMS will pay Hengrui up to $950 million over two years, including a $600 million upfront payment, with total deal value potentially topping $15.2 billion as milestones and royalties accrue. Under the agreement, Hengrui will oversee early clinical development to drive faster proof-of-concept, while both companies retain specific geographic rights: BMS gets exclusive worldwide rights outside Hengrui’s territory (mainland China, Hong Kong and Macau), and Hengrui retains exclusive rights within those regions for Hengrui-originated assets. The portfolio includes four oncology/hematology assets from Hengrui, four immunology assets from BMS, and five “innovative” assets to be jointly discovered and developed. Executives positioned the pact as a way to combine Hengrui’s discovery engine with BMS’s global clinical and regulatory capabilities.