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From Issue #1
Deal of the Week: GSK-Hengrui — $500M Upfront, $12B Biobucks
GSK's agreement with Jiangsu Hengrui Medicine (恒瑞医药), valued at over $12.5 billion across multiple assets, is the defining transaction of early 2026. What matters here is the structure — Hengrui is not selling a molecule. It is selling a portfolio.
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