Bristol-Myers Squibb Funds $30M Oncology Collaboration with Adnexus
Company may also receive up to $210 million per product in milestones.
Bristol-Myers Squibb and Adnexus™ Therapeutics entered into a worldwide strategic alliance to discover, develop, and commercialize adnectin-based therapeutics for important oncology-related targets.
The goal of the collaboration is to discover and develop biologic compounds specifically tuned to modulate oncology targets of high clinical impact. Adnexus will deploy its PROfusion technology on up to six research programs to identify and deliver preclinical adnectin candidates to Bristol-Myers Squibb, who will be responsible for global development and commercialization activities. Adnexus will retain a limited co-promotion right to the first product to achieve regulatory approval in the United States.
Under the terms of the agreement, Bristol-Myers Squibb will provide committed funds of approximately $30 million over the next three years to Adnexus, consisting of upfront and guaranteed research payments. Adnexus also is eligible to receive regulatory milestone payments of up to $210 million per product, as well as royalties on product sales and sales-based milestone payments.