Hengrui Medicine
恒瑞医药
Executive Summary
Hengrui is China's most prolific out-licensing partner to Western pharma, with over $30B in total deal value signed since 2023. The company's July 2025 multi-asset agreement with GSK — covering 12 programs including lead asset HRS-9821 (PDE3/4 inhibitor for COPD) for $500M upfront and ~$12B in total potential value — represents the largest single China-to-West licensing transaction to date. Founded by Piaoyang Sun, who transformed it from a Lianyungang-based generics manufacturer into China's most valuable innovative pharma company, Hengrui now has 50+ clinical-stage molecules across oncology, autoimmune, metabolic, and pain. No BIOSECURE exposure — Hengrui is a drug originator, not a CDMO/CRO, and its pipeline assets are the ones being licensed, not its manufacturing capacity.
Structure: Hengrui operates through a straightforward listed company structure on the Shanghai Stock Exchange (600276.SS) without complex VIE arrangements. The company maintains operational subsidiaries in mainland China for R&D and manufacturing, plus a US subsidiary (Hengrui USA Inc.) that serves as the primary interface for Western business development discussions.
Latest Financials
Revenue: 20189303845.1, Net Profit: 4619575874.29. Source: East Money (600276)
Period: 2024-09-30 | Source: eastmoney
Key People
| Name | Title | Education | Flags |
|---|---|---|---|
Piaoyang Sun 孙飘扬 | Founder & Chairman | PhD Medicinal Chemistry, China Pharmaceutical University | |
Hongbin Dai 戴洪斌 | CEO | PhD, University of Auckland | |
Lianshan Zhang 张连山 | President of Global R&D | PhD Organic Chemistry (Summa Cum Laude), University of Tübingen; BS Medicinal Chemistry, China Pharmaceutical University | |
Guoxin Zhu 朱国新 | CSO, Hengrui Pharma | — |
Ownership & Shareholder Structure
Hengrui Medicine → GSK
GSK-Hengrui ~$12B multi-asset licensing (Jul 2025). 12 programs. $500M upfront.
Hengrui Medicine → Innovent Biologics
Both compete for China-to-West out-licensing. Hengrui (GSK deal) vs Innovent (Takeda deal).
BeiGene → Hengrui Medicine
BeiGene and Hengrui compete as top 2 Chinese innovative pharma by market cap and pipeline breadth.
Subsidiaries & Affiliates(3)
| Entity | Type | Jurisdiction | Scope | Flags | BIOSECURE |
|---|---|---|---|---|---|
Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江苏恒瑞医药股份有限公司 | operating | mainland china | Innovative drug R&D, manufacturing and sales. Focus areas: oncology, autoimmune, metabolic, pain. | NONE | |
Hengrui Medicine (Shanghai) Co., Ltd. 恒瑞医药(上海)有限公司 | operating | mainland china | Clinical development and regulatory affairs hub for innovative drug pipeline. | NONE | |
Hengrui USA Inc. | operating | us | US clinical operations and business development. Key interface for out-licensing discussions with Western pharma. | NONE |
Corporate Events
恒瑞医药:海外监管公告 - 关于获得药物临床试验批准通知书的公告
CNINFO announcement for Hengrui Medicine (600276.SS)
恒瑞医药:海外监管公告 - 关于获得药品注册批准的公告
CNINFO announcement for Hengrui Medicine (600276.SS)
恒瑞医药:海外监管公告-关于获得药物临床试验批准通知书的公告
CNINFO announcement for Hengrui Medicine (600276.SS)
恒瑞医药:海外监管公告-关于药品上市许可申请获受理的提示性公告
CNINFO announcement for Hengrui Medicine (600276.SS)
恒瑞医药:海外监管公告 - 关于获得药品注册批准的公告
CNINFO announcement for Hengrui Medicine (600276.SS)
Hengrui accelerates global out-licensing strategy
Following GSK mega-deal, Hengrui signed additional out-licensing deals with Merck and Lilly. Total announced deal value exceeds $30B in biobucks across all partners.
GSK-Hengrui Multi-Asset Licensing Deal
Upfront: $500M. Total potential: ~$12B (milestones + royalties). Structure: 12 innovative drug programs licensed to GSK for ex-China rights. Therapeutic areas: respiratory, immunology, oncology. Lead asset: HRS-9821 (PDE3/4 inhibitor for COPD). Territory: ex-China. Hengrui retains Greater China rights. This is the largest multi-asset portfolio deal between a Chinese and Western pharma company.
BIOSECURE Impact: None — Hengrui is an innovative pharma company, not a CDMO/CRO. No BIOSECURE exposure.
Hengrui Medicine Financial Report
Revenue: 20189303845.1, Net Profit: 4619575874.29. Source: East Money (600276)
Hengrui Medicine 9M2024 Financial Results (600276.SS)
Revenue: RMB 20.19B (USD ~2.80B). Net Profit: RMB 4.62B (USD ~0.64B). Period: Jan-Sep 2024. Hengrui is China most profitable innovative pharma company. R&D intensity historically ~22% of revenue (~RMB 4.4B for 9M). Source: East Money datacenter API.
Clinical Trials(57 total)
2
Phase 3
9
Phase 2
8
Phase 1
1
Phase 1, Phase 2
| NCT ID | Interventions | Phase | Status | Enrollment |
|---|---|---|---|---|
| NCT07268040 | SHR-7787 Injection, SHR-1316 Injection, SHR-4849 Injection, Etoposide injection, Carboplatin injection, Cisplatin injection, BP102 Injection | Ph.2 | RECRUITING | 400 |
| NCT07206758 | SHR-2173 Injection | Ph.1 | RECRUITING | 10 |
| NCT07175220 | SHR2554; SHR-A2102, SHR2554; Adabelimumab, SHR2554; SHR-1701 | Ph.2 | RECRUITING | 200 |
| NCT07098403 | SHR-1905 Injection, SHR-1905 Placebo Injection | Ph.3 | RECRUITING | 408 |
| NCT06925581 | HRS-6768 | Ph.1, Ph.2 | RECRUITING | 84 |
| NCT06790862 | SHR0302Base gel, SHR0302Base gel placebo | Ph.2 | ACTIVE NOT RECRUITING | 155 |
| NCT06375031 | HR011408 injection; HR011408 injection Placebo, NovoRapid®; HR011408 injection Placebo, HR011408 injection Placebo; HR011408 injection | Ph.1 | RECRUITING | 30 |
| NCT06254066 | Adebrelimab plus Fluzoparib | Ph.2 | NOT YET RECRUITING | 40 |
| NCT06346925 | Herombopag Olamine Tablets | Ph.1 | NOT YET RECRUITING | 18 |
| NCT06035393 | HRG2005 inhalation, Placebo to match HRG2005 inhalation, Placebo to match Indacaterol Maleate and Glycopyrronium Bromide Powder for inhalation, Indacaterol Maleate and Glycopyrronium Bromide Powder for inhalation | Ph.2 | TERMINATED | 82 |
| NCT06196580 | repaglinide; midazolam; SHR4640, repaglinide; midazolam; SHR4640; SHR4640 placebo, repaglinide; midazolam; SHR4640 placebo | Ph.1 | COMPLETED | 24 |
| NCT06144060 | HRS -8427, Imipenem and Cilastatin Sodium | Ph.2 | UNKNOWN | 126 |
| NCT06099990 | dalpiciclib isethionate tablets; abiraterone acetate tablets; prednisone tablets, placebo; abiraterone acetate tablets; prednisone tablets | Ph.1 | NOT YET RECRUITING | 660 |
| NCT06012812 | SHR-1819 injection | Ph.2 | COMPLETED | 79 |
| NCT05948059 | SHR-2106 injection or placebo, SHR-2106 injection or placebo | Ph.1 | UNKNOWN | 58 |
| NCT05744674 | HR18034, Ropivacaine Hydrochloride Injection | Ph.2 | UNKNOWN | 96 |
| NCT05592262 | SHR2554, SHR2554 | Ph.1 | COMPLETED | 20 |
| NCT05095337 | [14C]SHR1459 | Ph.1 | UNKNOWN | 6 |
| NCT05009290 | SHR3680, Placebo | Ph.3 | RECRUITING | 1,256 |
| NCT04884009 | SHR-1701; Famitinib, SHR-1701 | Ph.2 | UNKNOWN | 106 |
Showing 20 of 57 trials
Drug Molecules (ChEMBL)
CAMRELIZUMAB
Phase 3SERPLULIMAB
Phase 3Top Publications (by citations)
Entrectinib in patients with advanced or metastatic NTRK fusion-positive solid tumours: integrated analysis of three phase 1-2 trials.
Doebele RC, Drilon A, Paz-Ares L, Siena S, Shaw AT, Farago AF, Blakely CM, Seto T, Cho BC, Tosi D, Besse B, Chawla SP, Bazhenova L, Krauss JC, Chae YK, Barve M, Garrido-Laguna I, Liu SV, Conkling P, John T, Fakih M, Sigal D, Loong HH, Buchschacher GL, Garrido P, Nieva J, Steuer C, Overbeck TR, Bowles DW, Fox E, Riehl T, Chow-Maneval E, Simmons B, Cui N, Johnson A, Eng S, Wilson TR, Demetri GD, trial investigators.
Pemigatinib for previously treated, locally advanced or metastatic cholangiocarcinoma: a multicentre, open-label, phase 2 study.
Abou-Alfa GK, Sahai V, Hollebecque A, Vaccaro G, Melisi D, Al-Rajabi R, Paulson AS, Borad MJ, Gallinson D, Murphy AG, Oh DY, Dotan E, Catenacci DV, Van Cutsem E, Ji T, Lihou CF, Zhen H, Féliz L, Vogel A.
Management of Hyperglycemia in Type 2 Diabetes, 2022. A Consensus Report by the American Diabetes Association (ADA) and the European Association for the Study of Diabetes (EASD).
Davies MJ, Aroda VR, Collins BS, Gabbay RA, Green J, Maruthur NM, Rosas SE, Del Prato S, Mathieu C, Mingrone G, Rossing P, Tankova T, Tsapas A, Buse JB.
Immune checkpoint inhibitors for patients with advanced lung cancer and oncogenic driver alterations: results from the IMMUNOTARGET registry.
Mazieres J, Drilon A, Lusque A, Mhanna L, Cortot AB, Mezquita L, Thai AA, Mascaux C, Couraud S, Veillon R, Van den Heuvel M, Neal J, Peled N, Früh M, Ng TL, Gounant V, Popat S, Diebold J, Sabari J, Zhu VW, Rothschild SI, Bironzo P, Martinez-Marti A, Curioni-Fontecedro A, Rosell R, Lattuca-Truc M, Wiesweg M, Besse B, Solomon B, Barlesi F, Schouten RD, Wakelee H, Camidge DR, Zalcman G, Novello S, Ou SI, Milia J, Gautschi O.
Small molecules in targeted cancer therapy: advances, challenges, and future perspectives.
Zhong L, Li Y, Xiong L, Wang W, Wu M, Yuan T, Yang W, Tian C, Miao Z, Wang T, Yang S.
Development and Validation of a Clinical Risk Score to Predict the Occurrence of Critical Illness in Hospitalized Patients With COVID-19.
Liang W, Liang H, Ou L, Chen B, Chen A, Li C, Li Y, Guan W, Sang L, Lu J, Xu Y, Chen G, Guo H, Guo J, Chen Z, Zhao Y, Li S, Zhang N, Zhong N, He J, China Medical Treatment Expert Group for COVID-19.
NASH limits anti-tumour surveillance in immunotherapy-treated HCC.
Pfister D, Núñez NG, Pinyol R, Govaere O, Pinter M, Szydlowska M, Gupta R, Qiu M, Deczkowska A, Weiner A, Müller F, Sinha A, Friebel E, Engleitner T, Lenggenhager D, Moncsek A, Heide D, Stirm K, Kosla J, Kotsiliti E, Leone V, Dudek M, Yousuf S, Inverso D, Singh I, Teijeiro A, Castet F, Montironi C, Haber PK, Tiniakos D, Bedossa P, Cockell S, Younes R, Vacca M, Marra F, Schattenberg JM, Allison M, Bugianesi E, Ratziu V, Pressiani T, D'Alessio A, Personeni N, Rimassa L, Daly AK, Scheiner B, Pomej K, Kirstein MM, Vogel A, Peck-Radosavljevic M, Hucke F, Finkelmeier F, Waidmann O, Trojan J, Schulze K, Wege H, Koch S, Weinmann A, Bueter M, Rössler F, Siebenhüner A, De Dosso S, Mallm JP, Umansky V, Jugold M, Luedde T, Schietinger A, Schirmacher P, Emu B, Augustin HG, Billeter A, Müller-Stich B, Kikuchi H, Duda DG, Kütting F, Waldschmidt DT, Ebert MP, Rahbari N, Mei HE, Schulz AR, Ringelhan M, Malek N, Spahn S, Bitzer M, Ruiz de Galarreta M, Lujambio A, Dufour JF, Marron TU, Kaseb A, Kudo M, Huang YH, Djouder N, Wolter K, Zender L, Marche PN, Decaens T, Pinato DJ, Rad R, Mertens JC, Weber A, Unger K, Meissner F, Roth S, Jilkova ZM, Claassen M, Anstee QM, Amit I, Knolle P, Becher B, Llovet JM, Heikenwalder M.
Five-Year Survival Outcomes From the PACIFIC Trial: Durvalumab After Chemoradiotherapy in Stage III Non-Small-Cell Lung Cancer.
Spigel DR, Faivre-Finn C, Gray JE, Vicente D, Planchard D, Paz-Ares L, Vansteenkiste JF, Garassino MC, Hui R, Quantin X, Rimner A, Wu YL, Özgüroğlu M, Lee KH, Kato T, de Wit M, Kurata T, Reck M, Cho BC, Senan S, Naidoo J, Mann H, Newton M, Thiyagarajah P, Antonia SJ.
Local Consolidative Therapy Vs. Maintenance Therapy or Observation for Patients With Oligometastatic Non-Small-Cell Lung Cancer: Long-Term Results of a Multi-Institutional, Phase II, Randomized Study.
Gomez DR, Tang C, Zhang J, Blumenschein GR, Hernandez M, Lee JJ, Ye R, Palma DA, Louie AV, Camidge DR, Doebele RC, Skoulidis F, Gaspar LE, Welsh JW, Gibbons DL, Karam JA, Kavanagh BD, Tsao AS, Sepesi B, Swisher SG, Heymach JV.
Novel immune checkpoint targets: moving beyond PD-1 and CTLA-4.
Qin S, Xu L, Yi M, Yu S, Wu K, Luo S.
BIOSECURE Risk
Company has clear BIOSECURE status with no BCC designation and no identified exposure points across its subsidiary network
Mitigation: No mitigation required given clean status, but company maintains US operations through Hengrui USA Inc. for Western partnerships
BD Intelligence
Therapeutic Areas:
Recent Deals: Unprecedented out-licensing success with $12.5B+ GSK mega-deal in 2025, plus additional deals with Merck and Lilly totaling over $30B in biobucks
Approach: Approach through Hengrui USA Inc. and engage directly with Lianshan Zhang (Global Head of R&D) who serves as the primary BD contact point for Western partnerships. Company demonstrates strong deal execution capabilities and proven willingness to out-license innovative assets.
Quick Facts
- Key People
- 4
- Subsidiaries
- 3
- CDMO/CRO Subs
- 0
- Genomics Subs
- 0
- Direct BIOSECURE
- 0
- Corp Events
- 9
- Gov-Connected
- 0
- Clinical Trials
- 57
- Publications
- 10
- Drug Molecules
- 2
- Relationships
- 3
Sources & Methodology
Clinical trials data: ClinicalTrials.gov API v2 (57 trials linked to this entity)
SEC BIOSECURE filings: EDGAR EFTS full-text search (850+ filings from 230 companies)
Publications: Europe PMC API (10 publications indexed)
Drug molecules: ChEMBL database (European Bioinformatics Institute)
Financial data: East Money (东方财富) datacenter API / CNINFO (巨潮资讯网)
Corporate structure: Company official filings, HKEX/SSE/SZSE disclosures
Executive profiles: Company official biographies, SEC filings, LinkedIn (where verified)
Data is collected from public sources and updated weekly. Corporate intelligence is verified by a native Mandarin-speaking analyst against Chinese-language primary sources including Tianyancha (天眼查), GSXT (国家企业信用信息公示系统), and CNINFO (巨潮资讯网). This is not financial or legal advice.