Hengrui Pharma(SH:600276) 中国基金报·2025-09-05 01:49Core Viewpoint - Heng Rui Medicine has signed a significant licensing agreement with Braveheart Bio for the HRS-1893 project, which could yield up to $1.013 billion in milestone payments [5][9]. Group 1: Licensing Agreement Details - Heng Rui Medicine has granted Braveheart Bio exclusive rights to develop, produce, and commercialize the HRS-1893 project globally, excluding certain regions in Greater China [7]. - HRS-1893 is a selective Myosin inhibitor currently in Phase III clinical development for treating obstructive hypertrophic cardiomyopathy (oHCM) [7]. - The agreement includes an upfront payment of $65 million, consisting of $32.5 million in cash and $32.5 million in Braveheart Bio equity, plus an additional $10 million in milestone payments after technology transfer [8]. Group 2: Financial Implications - The total potential milestone payments from the agreement could reach $1.013 billion, contingent on clinical development and sales performance [5][9]. - Heng Rui Medicine's recent performance includes a revenue of 15.88% year-on-year growth, reaching 15.761 billion yuan in the first half of 2025, with a net profit increase of 29.67% [14]. Group 3: Market Context - Despite the active innovation drug sector in A-shares, Heng Rui Medicine's stock price fell by 4.63% to 68.65 yuan per share as of September 4 [11]. - The company has initiated a share buyback program, repurchasing 270,000 shares at a total cost of approximately 18.314 million yuan [13].