Five Prime Therapeutics Inc. (FPRX)

[crudeoil24]

BMY,FPRX,...Bristol-Myers Squibb expands collaboration with Five Prime Therapeutics in a deal worth up to $1.74B; Five Prime up 62% premarket

Bristol-Myers Squibb (BMY) goes all in with Five Prime Therapeutics (FPRX) in a license and collaboration deal worth up to $1.74B. The partnership will focus on the development of Five Prime's colony stimulating factor 1 receptor (CSF1R) antibody program, including FPA008, in combination with Opdivo (nivolumab) and other therapies.

The new agreement replaces the companies' existing collaboration to evaluate Opdivo with FPA008 in six tumor types.Under the terms of the agreement, Five Prime will receive an upfront payment of $350M, up to $1.05B in development and regulatory milestones for CSF1R oncology indications (including combinations with Opdivo and any other agent), up to $340M in development and regulatory milestones for CSF1R non-oncology indications and double-digit royalties on commercial sales (higher if Five Prime elects to co-promote in the U.S.).