Bristol-Myers Squibb and CytomX Therapeutics expanded a deal signed in 2014 to discover novel cancer therapies that will now include up to eight additional targets using the latter's proprietary Probody platform, the companies reported Monday. Shares in CytomX surged more than 30 percent on the news.
Under the agreed terms, Bristol-Myers Squibb will make an upfront payment of $200 million to CytomX and will also provide research funding over the course of the research term. The companies added that CytomX will also be eligible to receive up to $448 million in future development, regulatory and sales milestone payments for each collaboration target, as well as tiered royalties from the mid-single digits to low-double digits on net sales of each product marketed by Bristol-Myers Squibb.
"CytomX's Probody platform has enhanced our discovery research as we seek to direct the therapeutic effects of immunotherapy in a more targeted approach against tumours," remarked Carl Decicco, head of discovery at Bristol-Myers Squibb, adding "we look forward to working more extensively with CytomX on this innovative and potentially disruptive approach in oncology as well as other disease areas."
Bristol-Myers Squibb further indicated that the investigational CTLA-4 Probody therapeutic, which was included in the original deal with CytomX along with three other oncology targets, has progressed to clinical development, while the three other programmes are currently in the lead discovery and optimisation phase.
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