Drugmaker Bristol Myers Squibb has agreed to spend up to $920 million for global exclusive rights to an experimental immunotherapy developed by Immatics NV , the companies said on Tuesday.
Under the agreement, the companies will co-develop the therapy, IMA401. Cancer-focused drug developer Immatics will receive an upfront payment of $150 million, up to $770 million in milestone payments and tiered double-digit royalty payments on net sales of the therapy.
In June, the drugmaker had inked an up to $3.1 billion agreement with Eisai Co to jointly develop and market an experimental drug for the treatment of solid tumors. In May, Bristol Myers had entered into a $1.56 billion deal to exclusively develop and market Agenus Inc’s experimental cancer drug.
Read more/Source: Reuters
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