Bristol-Myers and Five Prime ink collaboration

Five Prime Therapeutics (FPRX) and Bristol-Myer Squibb (BMY) sign a collaboration deal for the discovery, development and commercialization of immuno-oncology therapies directed toward two immune checkpoint pathways using FPRX's target discovery platform.

Drug candidates may be single agents or used in combination with existing BMY therapies.

FPRX will receive an upfront payment of $20M plus up to $9.5M over the course of the research term. BMY will also acquire 4.9% of Five Prime's common stock for $21M.

Five Prime will be eligible to earn up to $300M in milestone payments for each collaboration target plus tiered royalty payments on net sales of commercialized products.

FPRX shares are up 15% premarket.

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