Hengrui Pharma has announced a strategic partnership with GSK plc to co-develop up to 12 innovative therapeutic programmes, aligning with Hengrui’s global expansion goals and offering GSK promising new growth drivers beyond 2031. The collaboration targets assets with potential first- or best-in-class profiles, complementing GSK’s established pipelines in Respiratory, Immunology & Inflammation (RI&I), and Oncology. As part of the agreement, GSK will pay $500 million in upfront fees.
A central component of the collaboration is an exclusive license (excluding mainland China, Hong Kong SAR, Macau SAR, and Taiwan) to HRS-9821, a potential best-in-class dual PDE3/4 inhibitor being developed as an add-on maintenance treatment for chronic obstructive pulmonary disease (COPD), regardless of patients’ existing therapy. HRS-9821 has shown strong bronchodilatory and anti-inflammatory effects in early studies and is designed for delivery via a convenient dry-powder inhaler (DPI), complementing GSK’s existing inhaled portfolio. The therapy aims to expand COPD treatment options for patients who experience persistent symptoms or are less likely to benefit from corticosteroids or biologics.
Beyond HRS-9821, the collaboration includes a framework for the development of up to 11 additional programs. Hengrui will lead early-stage development through Phase I, including studies conducted outside China. GSK will hold exclusive rights to further develop and commercialize these assets globally (excluding Greater China), with the option to exercise these rights after Phase I or earlier, along with flexibility for asset substitution within the collaboration.
“This strategic collaboration with GSK represents a major milestone in Hengrui’s globalisation journey,” said Frank Jiang, Executive Vice President and Chief Strategy Officer at Hengrui Pharma. “By combining our early discovery and development strengths with GSK’s global reach and regulatory expertise, we aim to accelerate the delivery of breakthrough therapies to patients worldwide.”
Tony Wood, Chief Scientific Officer at GSK, added: “These agreements reflect our focused investment in high-potential, biologically validated programmes that align with our therapeutic strengths. This partnership expands our pipeline and advances our ambition to deliver transformational medicines.”
The partnership is structured to accelerate proof-of-concept development across multiple programmes, leveraging GSK’s deep therapeutic area knowledge, global clinical capabilities, and commercial infrastructure, alongside Hengrui’s innovative platforms, strong preclinical pipeline, and rapid development track record.
GSK will provide $500 million in upfront payments across the agreements, including the license for HRS-9821. The deal’s total potential value—including development, regulatory, and commercial milestones—could reach approximately $12 billion if all programmes are optioned and all milestones achieved. Hengrui will also receive tiered royalties on net product sales (excluding the Greater China region).
The license for HRS-9821 is subject to customary closing conditions, including antitrust clearance under the U.S. Hart-Scott-Rodino Act.