Bristol Myers Squibb (BMY)

[DewDiligence]

BMY, MTEM ink drug-development deal:

https://finance.yahoo.com/news/molecular-templates-establishes-multi-target-123000939.html

Molecular Templates…today announced that it has entered into a worldwide strategic research collaboration with Bristol Myers Squibb to discover and develop multiple novel therapies designed for specific oncology targets. The collaboration will seek to discover new molecules utilizing MTEM’s next generation engineered toxin body (ETB) platform.

…Under the terms of the agreement, MTEM will conduct research activities for the discovery of next generation ETBs for multiple targets, of which the first target has been selected by Bristol Myers Squibb. Bristol Myers Squibb will have the option to obtain an exclusive worldwide license to develop and commercialize ETBs directed to each selected target. Following the exercise of the option, Bristol Myers Squibb would be solely responsible for developing and commercializing the licensed ETBs.

Bristol Myers Squibb will make an up-front payment of $70 million to MTEM. MTEM is also eligible to receive near-term and development, regulatory and sales milestone payments of up to approximately $1.3 billion as well as tiered royalty payments on future sales.

The number of targets has not been disclosed.