Hengrui Pharma's stock surged 5.83% during intraday trading on Tuesday, following the announcement of a landmark global strategic collaboration.

The company has entered into collaboration and license agreements with Bristol-Myers Squibb to jointly advance a portfolio of 13 early-stage programs in oncology, hematology, and immunology. Under the terms, BMS will pay Hengrui up to $950 million, including a $600 million upfront payment, with the potential total value of the agreements reaching approximately $15.2 billion upon achievement of all development, regulatory, and commercial milestones.

The partnership grants BMS exclusive global rights to Hengrui-originated projects outside Mainland China, Hong Kong, and Macau, while Hengrui secures exclusive rights to BMS-originated programs within those territories. This significant deal is expected to accelerate the development of innovative medicines and validates Hengrui's research capabilities, driving investor optimism.