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Bristol-Myers inks two collaboration deals

Bristol-Myers Squibb (BMY +0.2%) teams up with Incyte (INCY +3.8%) to evaluate the combination regimen of BMY's PD-1 immune checkpoint inhibitor, nivolumab, and INCY's oral indoleamine dioxygenase-1 inhibitor, INCB24360, in a Phase 1/2 study targeting various cancer types. The study is expected to begin in Q4. No financial terms are disclosed.

The company teams up with CytomX Therapeutics in a global research collaboration and license agreement for CytomX's Probody platform. Probodies are mAbs that are selectively activated within the cancer microenvironment, focusing the activity of therapeutic Abs to tumors while sparing healthy tissue. Under the terms of the agreement, CytomX grants BMY an exclusive worldwide license to develop and commercialize Probodies for up to four oncology targets including CTLA-4, a clinically validated immune inhibitory checkpoint regulator. BMY will make an upfront payment of $50M and provide research funding for the duration of the agreement. CytomX will be eligible for up to $298M in development, regulatory and sales milestone payments for each collaboration target as well as royalties in the mid-single-digit to low-double-digit range depending on the level of sales by BMY.

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