New Delhi, July 28 -- Shares of Jiangsu Hengrui Pharmaceuticals Company, a Chinese pharmaceutical firm, jumped 10% to hit a 4-year high of 61-yuan, equivalent to USD 9.62 on the Shanghai Stock Exchange (SSE), after the company announced that it had agreed to license the global rights of its HRS-9821 drug and 11 other programs to GlaxoSmithKline Intellectual Property (GSK).

GSK will then have the option to further develop and commercialize each program globally, excluding the China, Hong Kong, Macau and Taiwan markets. The British group can also choose to exercise the option earlier, the statement added.

GSK has agreed to pay $500 million in up-front fees across the agreements. Hengrui Pharma could net up to $12 billion, plus royalties t...