Jiangsu Hengrui Pharmaceutical has entered into a global collaboration and licensing agreement with U.S. firm Bristol Myers Squibb, potentially worth up to $15.2 billion. This deal bolsters China's growing reputation in innovative drug development.

Jiangsu Hengrui Pharmaceutical, China’s largest drug company by market capitalisation, has signed a global collaboration and licensing agreement with US pharmaceutical giant Bristol Myers Squibb (BMS) worth up to US$15.2 billion. Hengrui’s Hong Kong-traded shares climbed 5.3 per cent to HK$69.55 on Tuesday, while its Shenzhen stock rose 4.84 per cent to 56.11 yuan. The deal adds credibility to China’s growing reputation for innovative drug development. Industry players, however, said the country...