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].