Bristol Myers Squibb and Hengrui Pharma expanded global drug discovery with a collaboration covering 13 early-stage programs across oncology, hematology, and immunology. The pact is valued at up to $15.2 billion, including $600 million upfront and milestone-linked payments through development and commercialization. Hengrui will oversee early clinical development to accelerate proof-of-concept generation, while BMS retains exclusive worldwide rights to Hengrui-originated candidates outside Hengrui’s China/Hong Kong/Macau territory. The companies also plan to jointly discover and develop a subset of assets. The agreement signals renewed appetite for pipeline restocking through China-linked innovation and platform-driven early development, with a structure designed to convert faster early data into global decision points.