Bristol-Myers Selects 3rd CytomX Cancer Therapy Candidate
21 January 2016 - 1:18AM
Dow Jones News
By Tess Stynes
Bristol-Myers Squibb Co. (BMY) expanded its collaboration effort
with CytomX Therapeutics Inc. (CTMX) to a third experimental cancer
treatment target, triggering a $10 million milestone payment for
the California biopharmaceutical company.
CytomX uses its Probody drug-development platform to develop
immunotherapy treatments and to improve the tumor-targeting
capabilities and safety of cancer therapies.
Under the May 2014 collaboration deal, Bristol-Myers received
exclusive global rights to develop and commercialize Probodies for
as many as four cancer targets.
CytomX received an upfront payment of $50 million and is
eligible for selection payments when Bristol-Myers selects the
third and fourth targets. CytomX also is eligible to receive
additional payments including as much as $298 million in future
milestone payments for each collaboration target.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
January 20, 2016 09:03 ET (14:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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