- Bristol-Myers Squibb (NYSE:BMY) acquires an option to license and commercialize Kvistgaard, Denmark-based Bavarian Nordic's Prostvac, Bavarian's investigational prostate-specific antigen (PSA)-targeting cancer immunotherapy currently in Phase 3 development for the treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer.
- Under the terms of the agreement, Bavarian will receive an upfront payment of $60M, an additional $80M if BMY exercises its option based on the results of the Phase 3 trial, incremental payments starting at $50M that could increase to more than $230M if the median overall survival (OS) benefit of Prostvac exceeds the efficacy demonstrated in a Phase 2 study, regulatory milestones of $110M, up to $495M in sales-based milestones and tiered double-digit royalties on net sales. Bavarian will responsible for commercial manufacturing of Prostvac.
- A new Phase 2 trial is in the planning stages to assess the combination of Prostvac with BMY's Yervoy (ipilimumab). The firms have also signed an agreement under which they may conduct one or more exploratory combination studies of Prostvac and agents from BMY's immuno-oncology portfolio.