Biotech Values

[mcbio]

FPRX, BMY > Bristol-Myers Squibb and Five Prime Therapeutics Announce Exclusive Clinical Collaboration to Evaluate the Combination of Investigational Immunotherapies Opdivo (nivolumab) and FPA008 in Six Tumor Types

This reads to me a lot like the ABBV option agreement with GLPG on GLPG0634. It looks like BMY is paying $30M to FPRX for an option to formally license the drug in the future if data pans out. It also looks like BMY is responsible for funding future trial costs and that FPRX will not have to use the $30M toward such trials. All told, I'm happy with this news as an FPRX long as it shows one of the leading immuno onc companies in BMY has a further interest in what FPRX is doing in the IO space.