Hengrui Pharma(600276) 21世纪经济报道·2025-03-25 12:51Core Viewpoint - Heng Rui Medicine has signed an overseas licensing agreement with Merck Sharp & Dohme, potentially earning up to 1.28 billion yuan (approximately 177 million USD) in milestone payments for its oral small molecule project HRS-5346, aimed at treating lipoprotein(a) disorders [2][3]. Group 1: Licensing Agreement Details - The agreement includes an upfront payment of 200 million USD and milestone payments that could total up to 1.77 billion USD, along with sales royalties based on HRS-5346's performance outside Greater China [2][3]. - The licensing agreement is expected to take effect in the second quarter of 2025, which will help expand HRS-5346's overseas market presence [2][3]. Group 2: Product Information - HRS-5346 is currently undergoing Phase II clinical trials in China and is designed to inhibit lipoprotein(a), a unique type of lipoprotein associated with atherosclerosis and other cardiovascular issues [3][4]. - There are currently no similar products approved for sale in domestic or international markets, and preclinical data indicates that HRS-5346 can effectively improve lipoprotein disorders with good safety profiles [4][5]. Group 3: Industry Context - Heng Rui Medicine has been actively pursuing international expansion, with multiple overseas licensing agreements for various products, indicating a strategic shift towards global markets [6][7]. - The Chinese biopharmaceutical industry is witnessing a significant increase in overseas licensing agreements, with the total upfront payments in 2024 expected to exceed 4.94 billion USD, highlighting the growing competitiveness of Chinese pharmaceutical companies on a global scale [7].