恒瑞医药再次“NewCo”出海，总交易额达10.88亿美元

Core Viewpoint - Heng Rui Medicine is leveraging the "NewCo" model to expand its international presence by licensing its HRS-1893 project to Braveheart Bio, aiming to enhance its global drug innovation network and revenue streams [2][3][4]. Licensing Agreement - Heng Rui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for its HRS-1893 project, a Myosin small molecule inhibitor [3][4]. - 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 a $10 million milestone payment after technology transfer, totaling $75 million [4]. - Additionally, Heng Rui Medicine could 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 to $1.088 billion [4]. Project Development Status - HRS-1893 is currently in Phase III clinical trials and is designed to specifically inhibit myocardial ATPase activity, normalizing myocardial contractility and reducing left ventricular hypertrophy [5]. - The Phase I clinical trial data for HRS-1893 is expected to be presented at the 2025 European Society of Cardiology (ESC) Congress, and the Phase III trial for obstructive hypertrophic cardiomyopathy has already commenced in China [5]. Strategic Focus - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration, aiming to strengthen international partnerships with multinational pharmaceutical companies, innovative startups, and investment funds [5]. - The company has completed 16 external licensing agreements to date, contributing nearly 2 billion yuan in revenue in the first half of the year [6].