On January 26, 2026, Hangzhou Hengrui Therapeutics Co., Ltd. revealed that it had forged a global strategic alliance with a prominent U.S. biotechnology firm focused on the development of targeted protein degradation antibody-conjugate (DAC) drugs. Under this agreement, Hengrui will retain exclusive rights within the Greater China market and is set to receive financial benefits, including upfront payments and milestone-based royalties. This landmark deal signifies China's inaugural overseas transaction in the DAC sector for a biopharmaceutical entity and marks Hengrui Therapeutics' second out-licensing pact within the targeted protein degradation domain, following its earlier collaboration with Johnson & Johnson on BTK degraders in early 2025. As a clinical-stage innovator in small-molecule drug development, Hengrui Therapeutics boasts a robust pipeline comprising over 10 Class 1 new drug candidates, with six molecules currently progressing through clinical research phases and six out-licensing partnerships for its new drug pipeline already secured.