Hengrui Pharma(SH:600276) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-05 05:29Core Viewpoint - HengRui Pharma has entered into an exclusive licensing agreement with Braveheart Bio for its Myosin small molecule inhibitor HRS-1893, marking a strategic move to leverage international capital through the NewCo model [1][2] Group 1: Licensing Agreement Details - HengRui Pharma will receive a total of $75 million from Braveheart Bio, which includes a $65 million upfront payment and a $10 million milestone payment upon technology transfer [1] - The agreement allows Braveheart Bio to develop, produce, and commercialize HRS-1893 globally, excluding China, with potential milestone payments reaching up to $1.013 billion related to clinical development and sales [1][4] Group 2: NewCo Model Advantages - The NewCo model allows HengRui to separate R&D risks and commercialization execution, enabling quicker cash flow recovery through upfront and milestone payments [2][6] - This model is particularly suitable for large pharmaceutical companies like HengRui, which have a rich early pipeline but limited overseas clinical and commercialization capabilities [2][5] Group 3: HRS-1893 and Clinical Development - HRS-1893 is a highly selective Myosin small molecule inhibitor aimed at normalizing myocardial contractility and reducing left ventricular hypertrophy [4] - The drug has already initiated Phase III clinical trials for obstructive hypertrophic cardiomyopathy, with multiple clinical trials ongoing in HengRui's cardiovascular portfolio [4][5] Group 4: Strategic Implications - The involvement of reputable investors like Forbion and OrbiMed provides funding and international operational resources, enhancing the credibility of HengRui's technology platform [4][9] - The NewCo model is emerging as a preferred strategy for Chinese pharmaceutical companies to navigate international markets while retaining core regional rights [7][9] Group 5: Market Trends and Future Outlook - The NewCo model has gained traction since 2024, with several companies, including HengRui, exploring this approach to overcome barriers in the global biopharmaceutical market [6][9] - Future pipelines with first-in-class or best-in-class potential are likely to utilize this model for international expansion, necessitating strong collaboration among legal, financial, and medical teams during negotiations [9]