Hengrui Pharma(SH:600276) 光大证券研究·2025-07-29 23:08Core Viewpoint - The collaboration between Heng Rui Pharmaceutical and GlaxoSmithKline (GSK) marks a significant step in expanding Heng Rui's global market presence, with substantial financial implications and validation of its innovative research capabilities [3][4]. Group 1: Partnership Details - On July 28, 2025, Heng Rui Pharmaceutical announced a major collaboration with GSK, granting GSK exclusive global rights to HRS-9821 and up to 11 additional projects, excluding certain regions [3]. - GSK will pay Heng Rui an upfront fee of $500 million, with potential milestone payments totaling approximately $12 billion if all projects are successfully developed and commercialized [4]. Group 2: Market Expansion - The agreement allows GSK to leverage its international sales capabilities to help Heng Rui's products enter global markets, enhancing Heng Rui's position as a leading innovative pharmaceutical company in China [5]. - By potentially adding about 10% to its innovative drug pipeline through this collaboration, Heng Rui is expected to significantly boost its sales expectations and market valuation [5].