GSK has signed a licensing agreement with China-based Hengrui Pharma valued at up to $12 billion. The deal involves up to 12 drug programs and includes an upfront payment of $500 million from GSK. The agreement centers on respiratory, immunology, and inflammation (RI&I) and oncology therapies.
The only named asset in the announcement is HRS-9821, a PDE3/4 inhibitor currently in Phase 1 development for chronic obstructive pulmonary disease (COPD). Hengrui stated that HRS-9821 has shown “potent PDE3 and PDE4 inhibition, leading to increased bronchodilation and anti-inflammatory effects in early clinical and preclinical studies.” The drug is also being developed as a dry-powder inhalable formulation.
According to the release, the addition of HRS-9821 “supports GSK’s ambition to treat patients across the widest spectrum of COPD by including those who face continued shortness of breath or who are unlikely to receive inhaled corticosteroids or biologics, based on their disease profile.” GSK received U.S. approval for Nucala, an IL-5 antibody, in May for use as an add-on maintenance therapy in adults with eosinophilic COPD who are inadequately controlled.
Under the terms of the collaboration, Hengrui will oversee the development of all programs through completion of Phase 1 trials. After that stage, GSK will have the exclusive option to advance and commercialize each candidate globally, excluding the Greater China region, which includes mainland China, Taiwan, Hong Kong, and Macau.
The agreement covers up to 12 programs in total, though the companies did not disclose the identities or therapeutic areas of the other 11 assets. They were described only as being “selected to complement GSK’s extensive respiratory, immunology and inflammation (RI&I) and oncology pipeline.”
Each program has its own financial structure, and the total development, regulatory, and commercial milestone payments to Hengrui across all 12 programs could reach up to $12 billion. In addition to these milestone payments, Hengrui will be eligible to receive tiered royalties on sales of resulting products outside the Greater China region.
GSK Chief Scientific Officer Tony Wood, Ph.D., said, “We’re delighted to announce these exciting agreements with Hengrui Pharma, which complement our already-extensive pipeline.” He also stated that the deal reflects a strategic focus on programs with validated targets and the potential for patient impact.
Frank Jiang, Chief Strategy Officer at Hengrui, described the collaboration as a significant step in the company’s global expansion. He stated that GSK’s clinical and regulatory capabilities are expected to support the international advancement of HRS-9821 and other pipeline assets.
The licensing pact marks the largest of its kind announced so far in 2025. It follows other recent activities by Hengrui, including a $1.29 billion IPO in Hong Kong and a separate $200 million agreement with Merck & Co. involving a heart disease drug in Phase 2 development.
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