Company’s shares jump in Hong Kong and Shenzhen after tie-up that bolsters China’s growing drug innovation profile.

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…

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