The licensing deal for the HRS-1893 innovative drug could fetch as much as US$1.01 billion in milestone payments
Jiangsu Hengrui Pharmaceuticals, a Chinese developer of novel drugs, could receive up to US$1.01 billion in milestone payments after granting a US company exclusive rights to develop a heart disease drug, the latest example of mainland drug makers licensing early-stage assets to international partners.
Jiangsu Hengrui entered into a licensing agreement with one-year-old US start-up Braveheart Bio for its innovative drug HRS-1893 to treat obstructive hypertrophic cardiomyopathy, according to a filing to the Hong Kong stock exchange on Friday.
The deal gives Braveheart Bio exclusive worldwide rights to develop, manufacture and commercialise the drug outside mainland China, Hong Kong, Macau and Taiwan. Jiangsu Hengrui will receive an initial payment totalling US$75 million, which includes cash, Braveheart Bio shares and a near-term milestone payment of up to US$10 million.
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