Hengrui Pharma Secures Fourth Overseas Out-Licensing Deal in 2025 with Glenmark for HER2-Targeted ADC Rikiratuzumab

Source: Medicine Ladder

On September 24, Hengrui Pharma announced that the company had signed a licensing agreement for Recomtrastuzumab with Glenmark Specialty S.A. According to the agreement, Glenmark Specialty will pay Hengrui Pharma an upfront payment of $18 million and is eligible to receive up to $1.093 billion in milestone payments, as well as royalties based on sales performance. Recomtrastuzumab is an antibody-drug conjugate independently developed by Hengrui Pharma targeting HER2. It has been approved for marketing for the treatment of HER2-mutated non-small cell lung cancer.

On March 25 this year, Hengrui Pharma announced that it had reached an exclusive licensing agreement with U.S.-based multinational pharmaceutical company Merck & Co., Inc. Under the agreement, Hengrui Pharma granted Merck the global rights outside of Greater China for its self-developed lipoprotein(a) [Lp(a)] oral small molecule inhibitor, HRS-5346. In terms of payment arrangements, Hengrui Pharma will immediately receive an upfront payment of $200 million and is also eligible to obtain milestone payments of up to $1.77 billion based on specific development, regulatory, and commercialization progress of the project.

On July 28, Hengrui Pharma announced a strategic collaboration agreement with global pharmaceutical giant GSK (LSE/NYSE: GSK). The two parties will jointly develop up to 12 innovative drugs. According to the agreement, GSK will pay Hengrui Pharma an upfront payment totaling $500 million. If all projects are opted into and all milestones achieved, Hengrui could be eligible for potential total milestone payments of approximately $12 billion based on successful development, regulatory approval, and sales milestones. Additionally, Hengrui will have the right to receive tiered royalties from GSK on sales outside mainland China, Hong Kong, Macau, and Taiwan.

In early September, Hengrui Pharma reached an agreement with U.S.-based Braveheart Bio, Inc. ("Braveheart Bio" for short) to license the innovative Class 1 drug HRS-1893, which has independent intellectual property rights, to Braveheart Bio for a fee. Braveheart Bio will pay Hengrui an upfront payment of $65 million (including $32.5 million in cash and $32.5 million worth of Braveheart Bio company shares) and a near-term milestone payment of $10 million after the completion of technology transfer, totaling $75 million. Hengrui is eligible to receive milestone payments related to clinical development and sales, with a maximum potential value of $1.013 billion.

Hengrui Pharma's Total BD Deal Value Breaks Through $16.6 Billion with Upfront Payments Reaching $793 Million in 2025, Surpassing the Combined Total of 2023-2024.

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