GSK and Hengrui Pharma Sign Strategic $12 Billion Deal to Advance Up to 12 Innovative Therapeutics

GSK and Hengrui Pharma Sign Strategic $12 Billion Deal to Advance Up to 12 Innovative Therapeutics

(IN BRIEF) GSK has entered into a multi-programme development and licensing agreement with Hengrui Pharma to advance up to 12 innovative therapies, including HRS-9821, a potentially best-in-class PDE3/4 inhibitor currently in clinical trials for COPD. The deal includes $500 million in upfront payments and may reach a total value of $12 billion if all milestones across the programmes are met. HRS-9821 offers dual bronchodilation and anti-inflammatory benefits with a potential dry-powder inhaler format, aligning with GSK’s inhaled portfolio. Hengrui will develop the additional 11 programmes through Phase I, after which GSK has exclusive global rights (excluding China and related regions) to license and commercialise. The collaboration unites GSK’s global reach and therapeutic expertise with Hengrui’s fast-paced discovery and early development model, driving forward pipeline growth in respiratory, immunology, and oncology.

(PRESS RELEASE) LONDON, 28-Jul-2025 — /EuropaWire/ — GSK plc has entered into a strategic collaboration with Hengrui Pharma to develop up to 12 novel therapeutic programmes, including a promising PDE3/4 inhibitor currently in clinical development for COPD, in a deal valued at up to $12 billion in potential milestones. The agreement represents a major expansion of GSK’s pipeline beyond 2031, with a focus on advancing innovative treatments in Respiratory, Immunology & Inflammation (RI&I) and Oncology.

Under the terms of the agreement, GSK will pay $500 million in upfront payments, including an exclusive license outside of mainland China, Hong Kong, Macau and Taiwan for HRS-9821—a potential best-in-class PDE3/4 inhibitor designed for use as an add-on maintenance therapy for chronic obstructive pulmonary disease (COPD). HRS-9821 aims to address the needs of patients who continue to experience symptoms like dyspnoea or are not suitable candidates for corticosteroids or biologics. Early clinical and preclinical studies show the compound has delivered strong bronchodilation and anti-inflammatory responses.

HRS-9821 also supports GSK’s established inhaled product portfolio, offering the potential for a dry-powder inhaler formulation that aligns with existing delivery technologies. The molecule’s dual PDE3 and PDE4 inhibition contributes to its differentiated clinical profile.

In addition to HRS-9821, the agreement outlines a broad development partnership between the two companies. Hengrui Pharma will lead the development of 11 additional programmes through Phase I trials, including studies conducted outside of China. Upon completion of Phase I—or earlier at GSK’s discretion—GSK will have the exclusive option to license and commercialise each programme globally (excluding mainland China, Hong Kong, Macau, and Taiwan). This structure also includes the right to substitute programmes within the agreement.

Tony Wood, Chief Scientific Officer at GSK, commented:
“We’re delighted to enter into these exciting agreements with Hengrui Pharma, which enhance our already extensive pipeline. By investing in high-potential programmes targeting validated disease pathways, we aim to increase our probability of clinical success and deliver more impactful treatments to patients.”

Frank Jiang, Executive Vice President and Chief Strategy Officer of Hengrui Pharma, added:
“This partnership marks an important step in our globalisation efforts and mission to bring innovative, high-quality therapies to patients worldwide. With GSK’s deep R&D expertise, clinical infrastructure, and regulatory reach, we believe this collaboration will fast-track development of our PDE3/4 inhibitor and additional pipeline assets on a global scale.”

The alliance is structured to combine GSK’s therapeutic area knowledge, late-stage development capabilities and commercial footprint with Hengrui’s robust discovery platform and rapid early-stage development execution. The collaboration is expected to significantly accelerate the path to proof-of-concept for multiple new medicines.

The license to HRS-9821 is subject to standard regulatory conditions, including approval under the Hart-Scott-Rodino Act in the United States. Should all 12 programmes be successfully developed and commercialised, Hengrui could receive up to $12 billion in development, regulatory, and commercial milestone payments, along with tiered royalties on global net sales (excluding mainland China, Hong Kong, Macau and Taiwan).

About Hengrui Pharma

Hengrui Pharma is an innovative, global pharmaceutical company dedicated to the research, development and commercialisation of high-quality medicines to address unmet clinical needs. With a global R&D team that includes 14 R&D centres and more than 5,500 professionals, Hengrui Pharma’s therapeutic areas of focus include oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. To date, Hengrui has commercialised 23 new molecular entity drugs and 4 other innovative drugs in China. Founded in 1970 with the core principle of putting patients first, Hengrui Pharma remains committed to advancing human health by striving to conquer diseases, improve health, and extend lives through the power of science and technology.

About GSK

GSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at gsk.com.

Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described in the “Risk Factors” section in GSK’s Annual Report on Form 20-F for 2024, and GSK’s Q1 Results for 2025.

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SOURCE: GlaxoSmithKline plc