US-based Pharmaceutical company Bristol-Myers Squibb, is expanding its collaboration with Five Prime Therapeutics to develop antibody-based drug candidates into approved medicines for cancer and other conditions.
The key goal is to develop combinations of drugs from the two companies that are more effective together than separately, particularly in the hot new field of immuno-oncology.
New York-based Bristol-Myers will gain exclusive worldwide rights to resulting drugs by taking over all costs of testing, applying for regulatory approval and marketing. It's also adding development of drugs for rheumatoid arthritis and a rare, sometimes life-threatening joint disorder called PVNS to the deal.
Under the deal, Bristol-Myers Squibb will pay Five Prime $350 million. In addition to the upfront sum, Five Prime will be eligible to receive more than $1.3 billion in development and regulatory milestone payments as well as royalties.