Hengrui Medicine (01276.HK) Surges Over 3% on GSK BD Deal Exceeding Expectations; HRS-9821 Project Value Highlighted

According to the Zhitong Finance APP, Hengrui Pharma (01276) rebounded over 3%. As of the time of writing, it rose by 3.2%, trading at HKD 77.5, with a turnover of HKD 235 million.

On the news front, recently, Hengrui Pharma and GSK reached a cooperation agreement on HRS-9821 and 11 projects. Hengrui has granted GSK the exclusive option, for a fee, to overseas rights of the HRS-9821 (PDE3/4) project and up to 11 other projects. GSK will pay Hengrui an upfront payment of 500 million US dollars. If all projects are selected and all milestones achieved, Hengrui could be eligible to receive potential milestone payments totaling approximately 12 billion US dollars, along with corresponding tiered sales royalties.

Guosheng Securities pointed out that PDE3/4 inhibitors have great potential, and BD transactions are expected to boost Hengrui Pharma's performance. HRS-9821 is a PDE3/4 inhibitor currently in clinical development and represents a high-potential target for the treatment of chronic obstructive pulmonary disease (COPD). As an adjunct maintenance therapy, this class of drugs does not need to consider prior treatment regimens and has demonstrated enhanced bronchodilation and anti-inflammatory effects in early clinical and preclinical studies, showing potential for dry powder inhaler (DPI) formulation development. In July 2025, multinational pharmaceutical company Merck acquired Verona for $10 billion, with a key focus on the PDE3/4 project. The significant investment by multinational pharmaceutical companies in projects targeting the same pathway highlights the potential value of HRS-9821.