Hengrui Pharma
Hengrui Pharma signed an exclusive license deal worth up to $1.1B with Glenmark Pharmaceuticals for Trastuzumab Rezetecan (SHR-A1811), its HER2-targeted ADC. The deal underscores China’s growing global impact in ADC innovation while giving Glenmark an emerging-market oncology play.
NewCo Model
Chinese biotechs are increasingly spinning assets into offshore NewCos, blending licensing, equity, and VC/PE backing. Deals like Mabwell→Kalexo and Hengrui→Braveheart accelerate global development, unlock capital, and position China as a key exporter of early- and mid-stage biotech assets.
Pharma Industry
Merck’s UK exits, AstraZeneca’s paused investment, Lilly’s stalled Gateway Labs project, Novo Nordisk’s workforce cuts, and China’s record out-licensing deals with Hengrui and Pfizer/3SBio mark a turning point for the global pharmaceutical industry in 2025.
SHR-8068
Hengrui’s CTLA-4 antibody SHR‑8068, licensed from CStone in a 1.3B RMB deal, is now in Phase III trials for lung cancer, competing in a space dominated globally by ipilimumab and tremelimumab. Innovent’s IBI310 is under review.
IDE849
IDEAYA and Hengrui’s IDE849 (SHR-4849) showed strong Phase 1 efficacy and manageable safety in relapsed/refractory SCLC at WCLC 2025. This report covers trial outcomes, CNS activity, dosing, licensing, regulatory status, and the DLL3 competitive landscape.
HRS-1893
Hengrui’s HRS-1893, out-licensed to Braveheart Bio, enters the global oHCM race with aficamten and mavacamten. ESC 2025 Phase I showed safety and PK; Phase III (NCT07021976) is ongoing. This review covers HRS-1893 chemical structure, patents, preclinical PK, and trial data.