Boston, MA 06/06/2014 (wallstreetpr) – Bristol-Myers Squibb Co (NYSE:BMY) entered into an agreement with CytomX Therapeutics, Inc on May 27, 2014. BMY announced that the two companies signed worldwide research collaboration and license agreement in order to discover, develop as well as commercialise new therapies against the multiple immuno-oncology targets. This will be done by making use of Probody™ Platform, a proprietary product of CytomX Therapeutics.
Terms of Agreement
- As per the signed agreement, CytomX will allow Bristol-Myers Squibb Co (NYSE:BMY) to make use of CytomX’s exclusive worldwide rights for development as well as commercialisation of Probodies for until four oncology targets which also include CTLA-4. CTLA-4 is basically a clinically authorised immune inhibitory checkpoint receptor.
- Apart from this, BMY will have a few other rights for substituting a maximum of two collaboration targets.
- As per the agreement, BMY will make upfront payment to CytomX worth $50 million. BMY will also facilitate research funding to CytomX for the period of ongoing research.
- As a part of the agreement, CytomX will become eligible to receive additional preclinical payments as well as up to $298 million for future development, sales milestone payments as well as regulatory milestone payments for every collaboration target.
- The transaction will be completed subject to a few customary conditions which include clearance from the authorised body under Hart-Scott-Rodino Antitrust Improvements Act.
Statement from Executive Vice President and Chief Scientific Officer, Bristol-Myers Squibb
The Executive Vice President and Chief Scientific Officer of Bristol-Myers Squibb Co (NYSE:BMY), Francis Cuss, said that the immuno-oncology is capable of offering a huge range of opportunities for changing the way cancers are treated. He explained that his company was working in line with the target of advancing the immuno-oncology drug research as well as development for the cancer patients. He further explained that the Probody Platform was capable of broadening the discovery of innovative therapies and that BMY’s collaboration with CytomX reflected his company’s leadership in the immuno-oncology branch.
