SHERIDAN, WYOMING – July 29, 2025 – GSK has launched one of the largest licensing collaborations of the year, partnering with China-based Hengrui Pharma in a deal that could reach up to $12 billion. The multi-program alliance aims to accelerate global development of 12 investigational therapies targeting oncology, respiratory diseases, and immunology — marking a major step in GSK’s bid to diversify and deepen its late-stage pipeline.
A strategic cornerstone: HRS-9821 for COPD
At the center of the collaboration is Hengrui’s investigational COPD treatment HRS-9821, a dual PDE3/4 inhibitor now in Phase I development. The candidate is being explored as an add-on maintenance therapy and may be delivered via dry-powder inhaler — a formulation that aligns well with GSK’s robust respiratory franchise, which includes industry mainstays like Advair and Nucala.
The inclusion of HRS-9821 signals a calculated expansion of GSK’s respiratory platform, extending its capabilities in inhaled therapies for chronic airway conditions.
Early-stage development led by Hengrui, global rights optioned by GSK
The partnership spans 12 investigational programs, each with individualized terms. Under the agreement:
- Hengrui will spearhead early-stage development, including clinical work outside of China.
- GSK holds exclusive global rights — excluding mainland China, Taiwan, Hong Kong, and Macau — to advance each program through clinical development and commercialization.
- The deal includes a $500 million upfront payment, with additional development, regulatory, and commercial milestones potentially bringing the total to $12 billion.
- Hengrui is also eligible for tiered royalties on net sales outside the Greater China region.
Pipeline synergy and market positioning
The move significantly strengthens GSK’s late-stage development engine. In respiratory care, it follows GSK’s 2024 acquisition of Aiolos Bio for $1.4 billion, gaining AIO-001, a long-acting monoclonal antibody for asthma. With the addition of HRS-9821, GSK is reinforcing its competitive position in chronic respiratory therapies while maintaining momentum in biologics innovation.
“This collaboration is a powerful complement to our already-extensive pipeline,” said Tony Wood, Chief Scientific Officer at GSK. “It offers opportunities to address high-burden diseases across key therapeutic areas, with compelling early-stage assets that align with our core strategy.”
Context within 2025’s deal landscape
GSK’s potential $12 billion commitment now ranks as the second-largest biopharma deal of 2025, behind only Johnson & Johnson’s $14.6 billion acquisition of Intra-Cellular Therapeutics. It also stands as the largest licensing agreement signed this year — surpassing Roche’s and AstraZeneca’s respective $5.3 billion deals — and the most valuable China-originated deal in 2025.
It also eclipses Merck’s $2 billion lipid collaboration with Hengrui (March), Regeneron’s $2 billion obesity pact with Hansoh Pharma (June), and Pfizer’s $6 billion oncology-focused alliance with 3SBio (May).
Strategic implications for global health systems
For hospitals, providers, and health systems, the potential success of HRS-9821 and other candidates could translate into improved therapeutic options for high-prevalence conditions such as COPD and cancer. The dry-powder inhaler format, in particular, offers promise in terms of patient adherence, portability, and respiratory care standardization — all critical for resource-strained outpatient settings.
If GSK successfully advances even a fraction of these programs, the deal may reshape its clinical roadmap across multiple specialties, bringing new modalities to underserved patient populations worldwide.
Learn more about GSK’s innovation strategy at https://www.gsk.com