Record-breaking scale! $12 billion! Hengrui Pharma authorized PDE3/4 and other projects to GSK

Wallstreetcn
2025.07.28 02:05
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Hengrui Pharma announced the global rights authorization of HRS-9821 and 11 preclinical projects to GSK, with a total transaction amount of USD 12 billion. GSK will pay a USD 500 million upfront payment and milestone payments. HRS-9821 is a potential PDE3/4 inhibitor currently in clinical development. This transaction sets a new record for Hengrui Pharma's overseas authorization, surpassing previous transactions of USD 6 billion and USD 2 billion

On July 28, 2025, Hengrui Pharma announced that it has authorized GlaxoSmithKline to have global rights outside of Greater China for HRS-9821 and options for up to 11 preclinical projects outside of Greater China.

According to the agreement, GlaxoSmithKline will pay a $500 million upfront payment, option exercise fees, and milestone payments of approximately $12 billion, as well as a certain percentage of sales royalties.

HRS-9821 is a potential best-in-class PDE3/4 inhibitor currently in clinical development, with opportunities for developing dry powder inhaler formulations.

The other 11 projects cover multiple therapeutic areas including oncology, respiratory, autoimmune, and inflammation, all of which are in the preclinical research stage. Hengrui Pharma will lead the research and development until at least the completion of Phase I clinical trials, including data from overseas subjects.

Summary

This transaction sets a new record for Hengrui Pharma's overseas licensing deals. Previously, the total amount for the GLP-1 product portfolio through Newco's overseas transaction was $6 billion, and the licensing of Lpa small molecules to Merck totaled $2 billion.

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