Bristol-Myers Squibb Co. inked a collaboration and licensing deal with Jiangsu Hengrui Pharmaceuticals Co. that could be valued at as much as $15.2 billion, as the US drugmaker seeks to leverage China’s efficiency in early development.

The agreement includes a portfolio of 13 early-stage programs in oncology, hematology and immunology, the companies said in a statement Tuesday. Bristol-Myers will pay Hengrui as much as $950 million by 2028, including $600 million up front.