Bristol Myers Squibb and Hengrui Pharmaceuticals signed a collaboration that covers 13 early-stage programs spanning oncology/hematology and immunology, with potential deal value exceeding $15 billion. Under the agreement, Hengrui will oversee early clinical development to accelerate proof-of-concept, while BMS retains exclusive rights for Hengrui-origin candidates outside mainland China, Hong Kong, and Macau. BMS will pay up to $950 million over two years, including a $600 million upfront payment, with additional anniversary payments and milestone-based upside. The structure allocates territorial rights across the partners’ respective geographies while enabling joint discovery on selected “innovative” programs.