Bristol Myers Squibb and Hengrui Pharma signed a global drug research pact spanning 13 programs across oncology, hematology and immunology, with $600 million upfront and up to $15.2 billion in total value. The agreement allocates China rights to Hengrui and ex-China rights to BMS, aligning both companies with a shared discovery and development plan. The deal extends a pattern of Western pharma leaning on China-based R&D capacity for early-stage pipeline replenishment. It also reflects how Big Pharma is restructuring partnership portfolios around modular, multi-asset collaborations. Executives framed the pact as expanding globalization of pipeline development while leveraging Hengrui’s internal R&D capabilities and BMS’s discovery infrastructure.