Hengrui Pharma(SH:600276) Cai Jing Wang·2025-09-05 05:32Core Insights - HengRui Pharma has entered into an exclusive licensing agreement with Braveheart Bio for its proprietary Myosin small molecule inhibitor HRS-1893, aimed at treating Hypertrophic Cardiomyopathy (HCM) [1][2] - The agreement grants Braveheart Bio exclusive rights to develop, manufacture, and commercialize HRS-1893 globally, excluding Greater China, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [1][2] - HRS-1893 is a significant innovation in HengRui's cardiovascular portfolio, currently in Phase III clinical trials, with over 10 innovative products in clinical research stages targeting cardiovascular diseases [3] Financial Terms - Braveheart Bio will pay HengRui a total of $75 million, which includes $32.5 million in cash and $32.5 million in equity, along with a $10 million milestone payment upon successful technology transfer [1] - The potential milestone payments related to clinical development and sales could reach up to $1.013 billion, in addition to sales royalties [1] Market Potential - The CEO of Braveheart Bio expressed confidence in HRS-1893's potential as a best-in-class Myosin inhibitor, highlighting the significant unmet needs in the cardiovascular disease market [2] - HengRui's recent licensing of GLP-1 class innovative drugs to a newly established U.S. company could yield up to $6 billion in total payments, indicating a strong focus on expanding its innovative drug portfolio [2]