GSK

Hengrui Pharma and GSK will co-develop up to 12 innovative medicines in a strategic partnership. GSK gains an exclusive license (excluding specific regions of China) for HRS-9821, a potential best-in-class PDE3/4 inhibitor for COPD, adding to their respiratory portfolio. Hengrui will advance 11 additional programs through Phase I, after which GSK can license them, paying $500M upfront. Hengrui could receive up to $12B in milestone payments and tiered royalties.