Bristol Myers Squibb and Hengrui Pharma entered a broad 13-program research pact spanning oncology, hematology, and immunology, with deal value potentially reaching $15.2 billion. BMS will pay $600 million upfront, with additional near-term payments and development, regulatory, and commercial milestones depending on progress. Hengrui will hold exclusive rights in mainland China, Hong Kong, and Macau, while BMS retains rights for the rest of the world. The collaboration includes a mix of assets from both companies and joint discovery efforts aimed at building diversified global pipelines.