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2026-05-13 09:15:10 Morgan Stanley said that HENGRUI PHARMA (01276.HK) and Bristol-Myers Squibb Company (BMS) (BMY.US) announced a global strategic partnership covering 13 pre-clinical assets, with a total deal value of USD15.2 billion. The transaction includes an upfront payment of USD600 million, combined annual payments of USD350 million for 2027-28, up to USD14.3 billion in milestone payments, and tiered sales-based royalties. The broker believed this strategic collaboration, spanning multiple formats and asset modalities, further validates HENGRUI PHARMA's early-stage R&D platform and enhanced globalization capabilities. Beyond near-term cash proceeds, the reciprocal collaboration structure and co-development and co-commercialization could also accelerate HENGRUI PHARMA's globalization pace and generate commercial synergies in the China market for its expanding immunology portfolio. Morgan Stanley maintained HENGRUI PHARMA as its top pick in China's healthcare sector, assigning an Overweight rating with a target price of HKD92 for its H shares. ~ AASTOCKS Financial News Website: www.aastocks.com | |