In one of the largest partnerships of 2026 so far, Bristol Myers Squibb (BMS) has signed a licensing agreement with Hengrui Pharma to develop a portfolio of 13 early-stage programmes in oncology, haematology, and immunology. The deal, which includes a US$600 M upfront payment, will focus on four oncology/haematology assets from Hengrui, four immunology assets from BMS, and five assets to be jointly discovered and developed by both companies. The deal reflects the growing trend of global pharma firms partnering with Chinese companies to accelerate innovative drug development.