Hengrui Medicine

恒瑞医药

600276.SSbiotechLianyungang
Trials 57
Subs 3
People 4
Links 3

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

NameTitleEducationFlags
Piaoyang Sun
孙飘扬
Founder & ChairmanPhD Medicinal Chemistry, China Pharmaceutical University
Hongbin Dai
戴洪斌
CEOPhD, University of Auckland
Lianshan Zhang
张连山
President of Global R&DPhD 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

deal_partner

GSK-Hengrui ~$12B multi-asset licensing (Jul 2025). 12 programs. $500M upfront.

Hengrui Medicine Innovent Biologics

competitor

Both compete for China-to-West out-licensing. Hengrui (GSK deal) vs Innovent (Takeda deal).

BeiGene Hengrui Medicine

competitor

BeiGene and Hengrui compete as top 2 Chinese innovative pharma by market cap and pipeline breadth.

Subsidiaries & Affiliates(3)

EntityTypeJurisdictionScopeFlagsBIOSECURE
Jiangsu Hengrui Pharmaceuticals Co., Ltd.
江苏恒瑞医药股份有限公司
operatingmainland chinaInnovative 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
operatingmainland chinaClinical development and regulatory affairs hub for innovative drug pipeline.NONE
Hengrui USA Inc.
operatingusUS clinical operations and business development. Key interface for out-licensing discussions with Western pharma.NONE

Corporate Events

CNI
2026-03-20 10:58:09cninfo announcement

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)

CNI
2026-03-20 10:48:09cninfo announcement

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)

CNI
2026-03-16 09:57:56cninfo announcement

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)

CNI
2026-03-16 09:47:49cninfo announcement

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)

CNI
2026-03-13 11:44:11cninfo announcement

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)

RST
2025-10-01restructuring

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.

DEA
2025-07-15deal

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.

FIN
2024-09-30financial report

Hengrui Medicine Financial Report

Revenue: 20189303845.1, Net Profit: 4619575874.29. Source: East Money (600276)

FIN
2024-09-30financial report

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 IDInterventionsPhaseStatusEnrollment
NCT07268040SHR-7787 Injection, SHR-1316 Injection, SHR-4849 Injection, Etoposide injection, Carboplatin injection, Cisplatin injection, BP102 InjectionPh.2RECRUITING400
NCT07206758SHR-2173 InjectionPh.1RECRUITING10
NCT07175220SHR2554; SHR-A2102, SHR2554; Adabelimumab, SHR2554; SHR-1701Ph.2RECRUITING200
NCT07098403SHR-1905 Injection, SHR-1905 Placebo InjectionPh.3RECRUITING408
NCT06925581HRS-6768Ph.1, Ph.2RECRUITING84
NCT06790862SHR0302Base gel, SHR0302Base gel placeboPh.2ACTIVE NOT RECRUITING155
NCT06375031HR011408 injection; HR011408 injection Placebo, NovoRapid®; HR011408 injection Placebo, HR011408 injection Placebo; HR011408 injectionPh.1RECRUITING30
NCT06254066Adebrelimab plus FluzoparibPh.2NOT YET RECRUITING40
NCT06346925Herombopag Olamine TabletsPh.1NOT YET RECRUITING18
NCT06035393HRG2005 inhalation, Placebo to match HRG2005 inhalation, Placebo to match Indacaterol Maleate and Glycopyrronium Bromide Powder for inhalation, Indacaterol Maleate and Glycopyrronium Bromide Powder for inhalationPh.2TERMINATED82
NCT06196580repaglinide; midazolam; SHR4640, repaglinide; midazolam; SHR4640; SHR4640 placebo, repaglinide; midazolam; SHR4640 placeboPh.1COMPLETED24
NCT06144060HRS -8427, Imipenem and Cilastatin SodiumPh.2UNKNOWN126
NCT06099990dalpiciclib isethionate tablets; abiraterone acetate tablets; prednisone tablets, placebo; abiraterone acetate tablets; prednisone tabletsPh.1NOT YET RECRUITING660
NCT06012812SHR-1819 injectionPh.2COMPLETED79
NCT05948059SHR-2106 injection or placebo, SHR-2106 injection or placeboPh.1UNKNOWN58
NCT05744674HR18034, Ropivacaine Hydrochloride InjectionPh.2UNKNOWN96
NCT05592262SHR2554, SHR2554Ph.1COMPLETED20
NCT05095337[14C]SHR1459Ph.1UNKNOWN6
NCT05009290SHR3680, PlaceboPh.3RECRUITING1,256
NCT04884009SHR-1701; Famitinib, SHR-1701Ph.2UNKNOWN106

Showing 20 of 57 trials

Drug Molecules (ChEMBL)

CAMRELIZUMAB

Phase 3
AntibodyCHEMBL4297715

SERPLULIMAB

Phase 3
AntibodyCHEMBL4594550

Top Publications (by citations)

Entrectinib in patients with advanced or metastatic NTRK fusion-positive solid tumours: integrated analysis of three phase 1-2 trials.

1179 citationsLancet Oncol2020

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.

1160 citationsLancet Oncol2020

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).

1113 citationsDiabetes Care2022

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.

1010 citationsAnn Oncol2019

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.

1003 citationsSignal Transduct Target Ther2021

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.

977 citationsJAMA Intern Med2020

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.

957 citationsNature2021

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.

953 citationsJ Clin Oncol2022

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.

913 citationsJ Clin Oncol2019

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.

880 citationsMol Cancer2019

Qin S, Xu L, Yi M, Yu S, Wu K, Luo S.

BIOSECURE Risk

low

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

Pipeline Strength9/10
Deal Readiness10/10

Therapeutic Areas:

oncologyautoimmunemetabolic disorderspain management

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.