PBR Staff Writer Published 21 March 2017
Bristol-Myers Squibb (BMS) is paying CytomX Therapeutics $200m upfront to add up to eight new candidates to their existing Probody therapeutics collaboration.
In May 2014, both firms signed a worldwide research collaboration and license agreement to discover, develop and commercialize novel therapies against multiple immuno-oncology targets using CytomX’s Probody platform.
The expansion deal includes the discovery of novel therapies with up to eight additional targets.
Probodies are monoclonal antibodies, which are selectively activated within the cancer microenvironment, helping to focus on the activity of therapeutic antibodies to tumors and sparing healthy tissue.
Under the previous collaboration, BMS has advanced the CTLA-4 Probody therapeutic to investigational new drug-enabling studies, while three other programs are in the lead discovery and optimization phase.
As per terms of the deal, BMS will secure exclusive worldwide rights from CytomX to develop and commercialize Probody therapeutics, including six additional oncology targets and two non-oncology targets.
CytomX will receive an upfront payment of $200m from CytomX, in addition to research funding during the research term.
CytomX will also secure about $448m in future development, regulatory and sales milestone payments for each collaboration target.
In addition, it will be provided with tiered royalties from the mid-single digits to low-double digits on net sales of each product commercialized by BMS.
BMS discovery head said Carl Decicco said: “CytomX’s Probody platform has enhanced our discovery research as we seek to direct the therapeutic effects of immunotherapy in a more targeted approach against tumors.”
CytomX Therapeutics president and CEO Sean McCarthy said: “This expanded collaboration with Bristol-Myers Squibb gives CytomX the opportunity to further the reach of our potentially transformational Probody technology and provides us with additional financial and strategic flexibility to build our company.”
Image: BMS facility in Nassau Park, New Jersey, US. Photo: courtesy of Bristol-Myers Squibb Company.