By Fineline Cube 
China-based Jiangsu Hengrui Pharmaceuticals Co., Ltd. (SHA: 600276) announced on July 28, 2025, that it has entered into a collaboration, option, and licensing agreement with two intellectual property subsidiaries of GlaxoSmithKline (GSK; NYSE: GSK). Under the agreement, Hengrui will grant GSK exclusive global rights to its PDE3/4 inhibitor, HRS-9821, and an exclusive option for up to 11 preclinical-stage innovative projects, excluding mainland China, Hong Kong, Macau, and Taiwan.
Financial Terms
Hengrui will receive an upfront payment of $500 million from GSK. The agreement includes significant milestone payments, with Hengrui potentially eligible for up to $12 billion if GSK exercises all options and achieves all development, registration, and sales milestones. Additionally, Hengrui will receive tiered sales royalties from GSK.
HRS-9821: A Promising COPD Treatment
HRS-9821 is a potential best-in-class PDE3/4 dual inhibitor currently in clinical development. It is designed for the maintenance treatment of chronic obstructive pulmonary disease (COPD), regardless of prior treatment history. Early studies have demonstrated significant bronchodilatory and anti-inflammatory effects, with potential for development as a dry powder inhaler.-Fineline Info & Tech