GSK signs US$12.5 bn licence deal with Hengrui as China rises in global pharmaceuticals

GlaxoSmithKline (GSK) will pay a Chinese company US$12.5 billion for exclusive global rights to develop a dozen drugs, in a landmark deal that underscores how China’s research labs are snapping up market share in the global pharmaceutical and biomedical industries.

The deal would give GSK the rights to develop a drug for treating chronic obstructive pulmonary disease (COPD) called HRD-9821, as well as 11 of the preclinical programmes owned by Jiangsu Hengrui Pharmaceuticals. The global rights exclude mainland China, Taiwan, Hong Kong and Macau, according to a statement to the Hong Kong stock exchange on Monday.

The deal is the latest in a string of transactions between multinational firms and Chinese drug developers, which have bolstered China’s share of global licensing deal value to 28 per cent in 2024 from 1 per cent in 2019. Pfizer agreed in May to pay US$1.25 billion to Shenyang-based 3SBio for the exclusive right to develop the Chinese company’s drug for treating solid tumours.
China’s pharmaceutical out-licensing value soared to almost US$66 billion in the first six months of 2025, more than the whole of last year, according to a July 14 report from China Post Securities. For multinational companies, the deals gave them exclusive products to expand their product portfolio and pipelines, while the Chinese developers saw them as opportunities to cash in on prior work and fund new projects.
The corporate flag of GlaxoSmithKline (GSK) next to a Chinese national flag outside a GlaxoSmithKline office building in Shanghai on July 12, 2013. Photo: Reuters
The corporate flag of GlaxoSmithKline (GSK) next to a Chinese national flag outside a GlaxoSmithKline office building in Shanghai on July 12, 2013. Photo: Reuters

Hengrui, established in the Jiangsu provincial city of Lianyungang in 1997, would receive a US$500 million upfront payment and charge US$12 billion to GSK upon the achievement of development, regulatory approval and sales milestones.

“The signing of the agreement will help expand the international market for HRS-9821 and multiple innovative medicines in various therapeutic areas, including oncology, respiratory, immunology and inflammation, providing high-quality treatment options for patients worldwide,” Hengrui said in a statement.

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