Core Viewpoint - Heng Rui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for its self-developed cardiac drug HRS-1893, which is currently in Phase III clinical trials, utilizing the "NewCo" model to expand internationally [1][2]. Group 1: Licensing Agreement Details - The agreement allows Braveheart Bio to develop, produce, and commercialize HRS-1893 globally, excluding China, with Heng Rui receiving a total of $75 million upfront, including $32.5 million in cash and $32.5 million in equity [1]. - Heng Rui is also entitled to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties, bringing the total potential value of the agreement to $1.088 billion [1]. Group 2: Product Information - HRS-1893 is a highly selective Myosin small molecule inhibitor that normalizes myocardial contractility, reduces left ventricular hypertrophy, and improves diastolic compliance [2]. - The drug has undergone multiple clinical trials, with Phase I data recently presented at the 2025 European Society of Cardiology (ESC) Congress, and Phase III trials for obstructive hypertrophic cardiomyopathy have been initiated in China [2]. Group 3: Company Strategy and Performance - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration, aiming to strengthen international partnerships to enhance the efficient translation of research outcomes into the global drug innovation network [2]. - The company has completed a total of 16 licensing agreements to date, contributing nearly 2 billion yuan in revenue from licensing transactions in the first half of the year [3].

Core Viewpoint - Heng Rui Medicine has signed a significant licensing agreement with Braveheart Bio for the HRS-1893 project, which could yield up to $1.013 billion in milestone payments [4][5]. Group 1: Licensing Agreement Details - Heng Rui Medicine will license the innovative drug HRS-1893, which has independent intellectual property rights, to Braveheart Bio for development, production, and commercialization outside of Greater China [5]. - The agreement includes an upfront payment of $65 million, consisting of $32.5 million in cash and $32.5 million in Braveheart Bio equity, along with an additional $10 million milestone payment after technology transfer [5]. - The total potential milestone payments related to clinical development and sales could reach $1.013 billion [4][5]. Group 2: Product Information - HRS-1893 is a Myosin selective inhibitor aimed at treating obstructive hypertrophic cardiomyopathy (oHCM) and is currently in Phase III clinical development [5]. - The drug works by inhibiting myocardial ATPase activity, reducing excessive myocardial contraction, and improving diastolic relaxation [5]. Group 3: Market and Financial Impact - The licensing agreement is expected to broaden the overseas market for HRS-1893, enhancing the company's innovative brand and international performance [6]. - Heng Rui Medicine reported a revenue of 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with net profit rising by 29.67% to 4.45 billion yuan [8]. - The growth in revenue is attributed to the sales of innovative drugs and significant licensing fees received from Merck Sharp & Dohme and IDEAYA [8]. Group 4: Stock Buyback and Clinical Trials - Heng Rui Medicine has initiated its first stock buyback, acquiring 270,000 shares at an average price of 67.86 yuan per share, totaling approximately 18.31 million yuan [7]. - The company’s subsidiary has received approval for clinical trials of HRS-4729, a novel peptide drug with no similar products currently approved in the market [7].

Core Viewpoint - Heng Rui Medicine has signed a significant licensing agreement with Braveheart Bio for the HRS-1893 project, which could yield up to $1.013 billion in milestone payments [5][9]. Group 1: Licensing Agreement Details - Heng Rui Medicine has granted Braveheart Bio exclusive rights to develop, produce, and commercialize the HRS-1893 project globally, excluding certain regions in Greater China [7]. - HRS-1893 is a selective Myosin inhibitor currently in Phase III clinical development for treating obstructive hypertrophic cardiomyopathy (oHCM) [7]. - The agreement includes an upfront payment of $65 million, consisting of $32.5 million in cash and $32.5 million in Braveheart Bio equity, plus an additional $10 million in milestone payments after technology transfer [8]. Group 2: Financial Implications - The total potential milestone payments from the agreement could reach $1.013 billion, contingent on clinical development and sales performance [5][9]. - Heng Rui Medicine's recent performance includes a revenue of 15.88% year-on-year growth, reaching 15.761 billion yuan in the first half of 2025, with a net profit increase of 29.67% [14]. Group 3: Market Context - Despite the active innovation drug sector in A-shares, Heng Rui Medicine's stock price fell by 4.63% to 68.65 yuan per share as of September 4 [11]. - The company has initiated a share buyback program, repurchasing 270,000 shares at a total cost of approximately 18.314 million yuan [13].

Core Viewpoint - HengRui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for the development and commercialization of its proprietary Myosin small molecule inhibitor HRS-1893 outside of Greater China [1] Group 1: Licensing Agreement Details - HengRui Medicine grants Braveheart Bio exclusive rights to develop, manufacture, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - Braveheart Bio will pay a total of $75 million, which includes a $65 million upfront payment ($32.5 million in cash and $32.5 million in Braveheart Bio equity) and a $10 million milestone payment upon completion of technology transfer [1] Group 2: Potential Financial Gains - HengRui Medicine is eligible to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties [1]

Core Viewpoint - Heng Rui Medicine has entered into an agreement with Braveheart Bio to license its innovative drug HRS-1893 for a total of $75 million, with potential milestone payments reaching up to $1.013 billion based on clinical development and sales performance [1][2]. Group 1: Agreement Details - Heng Rui Medicine will grant Braveheart Bio exclusive rights to develop, produce, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1]. - Braveheart Bio will pay an upfront fee of $65 million, consisting of $32.5 million in cash and $32.5 million in equity, along with a $10 million milestone payment upon completion of technology transfer, totaling $75 million [1]. - Heng Rui Medicine is eligible for additional milestone payments related to clinical development and sales, which could reach up to $1.013 billion [1]. Group 2: Drug Information - HRS-1893 is a myosin selective inhibitor that works by inhibiting the ATPase activity of cardiac myosin, thereby reducing excessive contraction of the myocardium, decreasing left ventricular hypertrophy, and improving diastolic relaxation [2]. - The drug is currently in Phase III clinical development for the treatment of obstructive hypertrophic cardiomyopathy (oHCM) [2].

Group 1 - Company Heng Rui Medicine (600276.SH) has entered into an agreement with Braveheart Bio, Inc. to license its innovative drug HRS-1893, which has independent intellectual property rights [1] - The licensing agreement grants Braveheart Bio exclusive rights to develop, produce, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - Braveheart Bio will pay a total of $75 million to Heng Rui, which includes a $65 million upfront payment and a $10 million milestone payment upon completion of technology transfer [1] Group 2 - HRS-1893 is a myosin selective inhibitor that works by inhibiting the activity of cardiac myosin ATPase, thereby reducing excessive myocardial contraction, decreasing left ventricular hypertrophy, and improving diastolic relaxation [2] - The drug is currently in Phase III clinical development for the treatment of obstructive hypertrophic cardiomyopathy (oHCM) [2]

Core Viewpoint - The agreement between 恒瑞医药 and Braveheart Bio allows for the licensing of the innovative drug HRS-1893, expanding its market reach and enhancing the company's international presence [1][2] Group 1: Agreement Details - 恒瑞医药 has licensed HRS-1893 to Braveheart Bio for global development, production, and commercialization, excluding certain regions in Greater China [1] - Braveheart Bio will pay a total of $75 million, including a $65 million upfront payment and a $10 million milestone payment upon technology transfer [1] - The company is eligible for additional milestone payments related to clinical development and sales, potentially reaching up to $1.013 billion [1] Group 2: Drug Information - HRS-1893 is a Myosin selective inhibitor aimed at treating obstructive hypertrophic cardiomyopathy (oHCM) by reducing left ventricular hypertrophy and improving diastolic relaxation [1] - The drug is currently in Phase III clinical development [1] Group 3: Strategic Implications - The agreement is expected to broaden the overseas market for HRS-1893, providing quality treatment options for global patients [2] - The company aims to enhance its innovative brand and overseas performance through a combination of independent research and open collaboration [2] - By leveraging international partnerships, the company seeks to accelerate the transformation of research outcomes and maximize product value for global patients [2]

格隆汇9月5日丨恒瑞医药(600276.SH)公布，公司与美国Braveheart Bio达成协议，将具有自主知识产权 的1 类创新药 HRS-1893(以下简称"HRS-1893")项目有偿许可给Braveheart Bio。根据协议，恒瑞将 HRS- 1893 在除中国大陆、香港特别行政区、澳门特别行政区及台湾地区以外的全球范围内开发、生产和商 业化的独家权利有偿许可给BraveheartBio。Braveheart Bio 将向恒瑞支付 6500 万美元首付款(含3250 万 美元现金和等值 3250 万美元的 Braveheart Bio 公司股权)和完成技术转移后的1000 万美元近期里程碑 款，总计 7500 万美元。恒瑞有资格获得与临床开发和销售相关的里程碑付款，最高可达10.13 亿美元。 本协议的签署有助于拓宽 HRS-1893 的海外市场，为全球患者提供优质的治疗选择，也将进一步提升公 司创新品牌和海外业绩。公司坚持自主研发与开放合作并重，在内生发展的基础上加强国际合作，实现 研发成果的快速转化，借助国际领先的合作伙伴覆盖海外市场，加速融入全球药物创新网络，实现产品 价值最大化，让公司创新 ...

Core Viewpoint - HengRui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for the development and commercialization of its proprietary Myosin small molecule inhibitor HRS-1893 outside of Greater China [1] Group 1: Agreement Details - HengRui Medicine will receive a total of $75 million, which includes a $65 million upfront payment consisting of $32.5 million in cash and $32.5 million in Braveheart Bio equity, along with a $10 million milestone payment upon completion of technology transfer [1] - The agreement allows Braveheart Bio exclusive rights to develop, manufacture, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] Group 2: Financial Implications - HengRui Medicine is eligible to receive up to $1.013 billion in milestone payments related to clinical development and sales, in addition to corresponding sales royalties [1]

转自：证券时报 人民财讯9月5日电，恒瑞医药(600276)9月5日早间公告，公司与美国BraveheartBio, Inc.（简 称"Braveheart Bio"）达成协议，将具有自主知识产权的1类创新药 HRS-1893（简称"HRS-1893"）项目 有偿许可给Braveheart Bio。Braveheart Bio将向恒瑞支付6500万美元首付款（含3250万美元现金和等值 3250万美元的Braveheart Bio公司股权）和完成技术转移后的1000万美元近期里程碑款，总计7500万美 元。恒瑞有资格获得与临床开发和销售相关的里程碑付款，最高可达10.13亿美元。 ...