MSD has entered an exclusive licence agreement with Jiangsu Hengrui Pharmaceuticals (Hengrui Pharma) for the investigational oral small molecule lipoprotein(a) [Lp(a)] inhibitor, HRS-5346.

Currently in a Phase II trial in China, the therapy is intended to address cardiovascular diseases associated with elevated Lp(a) levels.

MSD will pay Hengrui Pharma $200m upfront, up to $1.77bn in development, regulatory and commercial milestones, and royalties on net sales if the therapy gains approval.

MSD secured global rights to develop, manufacture and commercialise HRS-5346 from Hengrui, excluding Greater China.

Closure is anticipated in the second quarter of 2025.

MSD will incur a pre-tax charge of $200m - $0.06 for each share - which will be reflected in both generally accepted accounting principles (GAAP) and non-GAAP outcomes, upon the closure of the transaction.

Hengrui Pharma chief strategy officer and executive vice-president Dr Frank Jiang stated: “We believe MSD’s clinical expertise and global scale will help accelerate the development of HRS-5346 and potentially provide more patients with an additional option to reduce their risk of atherosclerosis.”

Lp(a) is generated in the liver and is a key contributor to cholesterol and fat transport in the bloodstream.

High levels of Lp(a) can lead to the formation of atherosclerotic plaques, increasing the risk of serious cardiovascular events such as heart attacks and strokes.

MSD Research Laboratories president Dr Dean Li stated: “Elevated blood concentrations of Lp(a) provide a well-documented risk factor for atherosclerotic cardiovascular disease, affecting as many as one in five adults globally.

“HRS-5346, an investigational oral small molecule inhibitor of Lp(a) formation, is an important addition that expands and complements our cardio-metabolic pipeline.”

In March 2025, MSD announced the opening of a new $1bn facility in Durham, North Carolina, expanding its vaccine manufacturing capabilities.