·        Collaboration highlights Hengrui Pharma’s successful use of the NewCo model to achieve another out-licensing deal

·        Agreement grants Braveheart Bio exclusive global rights to develop, manufacture and commercialize HRS-1893 outside of Mainland China, the Hong Kong SAR, the Macao SAR and Taiwan Region

·        HRS-1893 currently in Phase 3 clinical trial in China for treatment of obstructive hypertrophic cardiomyopathy (oHCM)

Shanghai, China, September 5, 2025 –Hengrui Pharma (600276.SH；01276.HK), a leading innovative global pharmaceutical company focused on scientific and technological innovation, announced today that it has entered into an exclusive license agreement with Braveheart Bio for HRS-1893, a small-molecule inhibitor of cardiac myosin independently developed by Hengrui Pharma with best-in-class potential. Braveheart Bio is a newly launched, U.S.-based biotechnology company focused on cardiovascular disease with a consortium of lead investors that includes Forbion, OrbiMed, and others.

Under the terms of the agreement, Hengrui Pharma has granted Braveheart exclusive rights to develop, manufacture and commercialize HRS-1893 worldwide, excluding Mainland China, the Hong Kong SAR, the Macao SAR, and Taiwan Region. Braveheart will make an upfront payment of $65 million (consisting of $32.5 million in cash and $32.5 million in Braveheart shares) and a near-term payment of up to $10 million upon technology transfer completion, totaling $75 million. Hengrui Pharma is eligible to receive potential development and commercial milestone payments of up to $1.013 billion, in addition to related royalties based on the net sales.

"This marks the second time in less than 18 months that Hengrui Pharma has partnered with leading international investment institutions and leveraged the NewCo model in our efforts to ensure our innovation benefits patients worldwide,” said Frank Jiang, MD, PhD, Executive Vice President and Chief Strategy Officer of Hengrui Pharma. “This agreement demonstrates the global competitiveness of our diversified, high-value R&D pipeline, and will accelerate the development of our innovative therapies for cardiovascular diseases, bringing more clinically valuable treatment options to patients around the world."

"We’re excited to partner with Hengrui to advance HRS-1893 into late-stage clinical development,” said Braveheart Bio CEO Travis Murdoch, MD. “The recently presented Phase 1 data on HRS-1893 at ESC 2025 support our conviction in this molecule. We believe that it may confer best-in-class properties among cardiac myosin inhibitors. We are looking forward to further advancing its potential as a differentiated therapeutic for large and growing unmet needs in cardiovascular disease.”

In May 2024, Hengrui Pharma completed a landmark deal leveraging the NewCo model, out-licensing its portfolio of innovative GLP-1 class drugs (HRS-7535, HRS9531, HRS-4729) to Kailera Therapeutics, a newly established U.S.-based company backed by prominent investment institutions including Bain Capital Life Sciences, Atlas Venture, and RTW Investments, of which the total deal value, comprising upfront and milestone payments, could reach up to $6 billion; Hengrui also acquired a 19.9% equity stake in the new company.

HRS-1893 is one of Hengrui Pharma's key innovative achievements in the heart disease space and recently entered Phase 3 clinical trials. Currently, the company has more than 10 innovative products in the cardiovascular disease field that have advanced to clinical research or beyond. Hengrui Pharma is also progressing investigational candidates for the treatment of heart disease, including SHR-6934, SHR-4658 and HRS-9057 in heart failure-related clinical studies.

About Hypertrophic Cardiomyopathy (HCM)

Hypertrophic cardiomyopathy (HCM), a primary cardiomyopathy characterized by left ventricular hypertrophy, is the most common genetic heart disease and the primary cause of sudden cardiac death in adolescents and athletes^1,2. HCM is classified into obstructive HCM (oHCM) and non-obstructive HCM (nHCM) depending on whether the peak pressure difference of the left ventricular outflow tract at rest or after excitation are both less than 30mmHg¹. Compared to patients with nHCM, those with oHCM have a lower survival rate. Relieving obstruction helps to reduce the risk of death.

About HRS-1893

HRS-1893 is a highly selective small molecular myosin inhibitor independently developed by Hengrui that can specifically inhibit the activity of myosin ATPase, inhibit myocardial excessive contraction, reduce left ventricular hypertrophy and improve diastolic compliance. Multiple clinical trials for HRS-1893 have been conducted, with Phase 1 data recently presented at the European Society of Cardiology (ESC) Congress 2025. A phase 3 trial in oHCM has been initiated.

About Hengrui Pharma

Hengrui Pharma is an innovative, global pharmaceutical company dedicated to the research, development and commercialization of high-quality medicines to address unmet clinical needs. Its therapeutic areas of focus include oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. Founded in 1970 with the core principle of putting patients first, Hengrui Pharma remains committed to advancing human health by striving to conquer diseases, improve health, and extend lives through the power of science and technology.

About Braveheart Bio

Braveheart Bio is a clinical-stage biotechnology company focused on developing precision therapies for cardiovascular disease. Braveheart is backed by world-class life science investors including Forbion and OrbiMed.

Forbion is a leading European life sciences firm, active across stages and focused on bringing paradigm shifting innovation in medicine to patients around the globe. In addition, its newly-raised BioEconomy fund invests in planetary health solutions, “feeding and cleaning the planet.” OrbiMed is one of the world’s leading investors in healthcare, managing approximately $17 billion and aiming to help build world-class public and private healthcare companies.

Reference:

1.      The Cardiomyopathy Specialty Alliance of National Center for Cardiovascular Diseases, Cardiovascular Precision Medicine Branch of China International Exchange and Promotive Association for Medical and Health Care. 2025 Chinese Guideline for the Management of Cardiomyopathies. Chinese Circulation Journal. 2025, 40 (5): 420-462.

2.      Zhaoxu Jia, Xin Du. Risk Assessment and Treatment of Sudden Death in Hypertrophic Cardiomyopathy. Journal of Clinical Internal Medicine. 2024, 41 (6) : 370-374.