China’s Hengrui seals US$15.2 billion deal with US pharmaceutical giant BMS

AI Summary

Jiangsu Hengrui Pharmaceutical, China's leading drug company, has entered a substantial global partnership with US firm Bristol Myers Squibb, valued at up to $15.2 billion. This deal signifies China's rise in innovative drug development and its growing influence in the global pharmaceutical sector.

Jiangsu Hengrui Pharmaceutical, China’s largest drug company by market capitalisation, has signed a global collaboration and licensing agreement with US pharmaceutical giant Bristol Myers Squibb (BMS) worth up to US$15.2 billion. Hengrui’s Hong Kong-traded shares climbed 5.3 per cent to HK$69.55 on Tuesday, while its Shenzhen stock rose 4.84 per cent to 56.11 yuan. The deal adds credibility to China’s growing reputation for innovative drug development. Industry players, however, said the country...