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STAT+: Bristol Myers to partner with BioNTech on experimental cancer drug
Bristol Myers Squibb is partnering with BioNTech on a closely watched cancer drug, in a deal worth billions of dollars.
Bristol Myers Squibb said Monday it will pay the German firm BioNTech billions of dollars to split rights for an experimental cancer drug called BNT327, which works on both PD-L1, the target of blockbuster drugs Imfinzi and Tecentriq, and VEGF, the target of the blockbuster Avastin.
A similar experimental antibody drug, from Summit Therapeutics and the Chinese firm Akeso, has garnered attention because it outperformed Merck’s Keytruda, the best-selling drug in the world, in a study in non-small cell lung cancer. However, mixed results from another trial led Summit’s stock to drop 30% on Friday.
Bristol will pay $1.5 billion up front to BioNTech for a 50% share in the profits and losses from BNT327. BMS will also pay BioNTech up to $2 billion in annual payments through 2028. BioNTech will then be eligible to receive up to $7.6 billion in additional development, regulatory, and commercial milestone payments. The companies will split development and manufacturing costs on a 50-50 basis.
