Jiangsu Hengrui Pharmaceuticals has struck another major licensing deal—this time with U.S.-based Braveheart Bio, a Delaware startup focused on cardiovascular drug development. The agreement, announced Friday, grants Braveheart rights to Hengrui’s late-stage cardiac drug candidate HRS-1893, a selective myosin inhibitor for obstructive hypertrophic cardiomyopathy (oHCM), in a deal valued at over $1 billion under the terms of this Hengrui licensing agreement.
Deal Terms
-
Upfront payment: $65 million to Hengrui
-
Additional near-term payments: Up to $10 million
-
Milestone payments: Up to $1.013 billion tied to clinical, regulatory, and sales achievements
-
Royalties: Global sales outside mainland China, Hong Kong, Macao, and Taiwan
Both companies will establish a joint steering committee to oversee global development and commercialization of HRS-1893.
About HRS-1893
HRS-1893 is a selective myosin blocker designed to reduce excessive heart muscle contraction, improve relaxation, and prevent left ventricular hypertrophy. The drug is in late-stage clinical development for oHCM, a condition characterized by thickened heart walls that impair normal blood flow.
Competition and Market Context
The deal comes as competition in the cardiac myosin inhibitor field heats up. Cytokinetics’ aficamten, a rival therapy for oHCM, recently showed best-in-class efficacy and is under FDA review with a target decision date of September 26, 2025. Meanwhile, Bristol Myers Squibb’s Camzyos is already on the market for this indication, which creates high pressure for developers to demonstrate distinct advantages under the terms of this Hengrui licensing agreement.
Hengrui’s Expanding Global Partnerships
This is Hengrui’s third major pharma alliance in 2025:
-
Merck (March 2025): $200M upfront for HRS-5346, a small-molecule lipoprotein(a) blocker; deal worth up to $1.77B.
-
GSK (July 2025): $500M upfront for HRS-9821, a PDE3/4 inhibitor in COPD, with a potential total value of $12B across 12 assets.
The Braveheart deal further strengthens Hengrui’s strategy of expanding its global pipeline through partnerships with Western pharma companies, leveraging the Hengrui licensing agreement model to reach outside China markets without shouldering all commercialization and regulatory burden alone.
About Braveheart Bio
Founded in 2024, Braveheart Bio is led by Travis Murdoch, former CEO of HI-Bio (acquired by Biogen in 2024 for about $1.8B). The startup’s collaboration with Hengrui positions it as an emerging player in the competitive heart disease drug market. As part of the Hengrui licensing agreement, Braveheart gains the rights to develop and commercialize HRS-1893 globally (excluding Greater China territories), and will share in royalties and milestone payments.
Development Plans, Regulatory Path & Risks
Under the terms of the Hengrui licensing agreement, Braveheart will be responsible for global regulatory submissions outside China. This means navigating FDA, EMA, and other regulatory bodies’ requirements, including data from Phase III trials in China, safety and efficacy endpoints, and possibly local additional trials. There is always risk in licensing deals, especially with novel mechanisms like selective myosin inhibition: off-target effects, regulatory delays, or competing products may reduce the market share.
Potential Market Size & Impact
Obstructive hypertrophic cardiomyopathy affects a meaningful number of patients globally, often with limited therapeutic options. If HRS-1893 can deliver improvements in symptoms, reduce hospitalizations, and be safer or more convenient than existing therapies, the returns under this Hengrui licensing agreement could be very large—for both Hengrui and Braveheart. The royalty stream in high-income markets outside China could be especially lucrative, given pricing, reimbursement, and unmet need.
Strategic Implications for Hengrui
This Hengrui licensing agreement is a signal that Hengrui is not only innovating domestically, but also willing to share risk and leverage partner expertise for global reach. It may reduce costs and accelerate access in Western markets. Also, Hengrui maintains rights in its home region, which means it can continue development and commercialization within China under its own control, while benefiting from partner efforts elsewhere.
