Advancement of compound into preclinical development triggered the fee.
AMRI will receive $1.5 million from Bristol-Myers Squibb for advancing a candidate into preclinical development. This marks the third milestone payment under the companies’ 2005 agreement to develop drugs for depression and diseases of the central nervous system.
The first two milestone fees totaling $5.5 million came as a result of another compound being identified and progressing into a Phase I study.
AMRI report that it is eligible to receive up to $66 million in development and regulatory milestones for each of the first two compounds. Bristol-Myers Squibb will additionally pay $22 million in success-based fees per subsequent compound developed. AMRI also stands to earn royalties on worldwide sales of commercialized compounds.
Under the 2005 licensing agreement, Bristol-Myer’s Squibb received an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from AMRI’s research program.