Bristol-Myers Squibb Co (NYSE:BMY) has opted to extend the research term of its discovery collaboration agreement with Five Prime Therapeutics Inc (NASDAQ:FPRX). The two will continue working together towards the discovery, development, and commercialization of immuno-oncology therapies. The therapies are the target of three undisclosed immune checkpoint pathways.
There has been an existing collaboration since March 2014. However, its extension is expected to be more significant, according to Dr. Luis Borges, senior vice president of research at Five Prime.
In a press release, Borges said, “We are pleased that the demonstrated productivity of our unique research capabilities has prompted Bristol-Myers Squibb, a clear leader in immuno-oncology, to invest further in our efforts to find new drug candidates to modulate three checkpoint pathways.”
The Extension Of The Research Term To Accommodate A Third Immune Checkpoint Pathway
The original collaboration agreement focused on two undisclosed immune checkpoint pathways. The collaboration has enabled Squibb to develop the first antibody to IND-enabling activities. With the new extension of the research term dated March 2017 to March 2018, the companies have now added a third immune checkpoint pathway. That means Bristol-Myers Squibb will provide funding for another 12 months. It will also obtain exclusive, global rights to develop and commercialize products directed towards certain protein targets.
Bristol-Myers Squibb Will Utilize Five Prime’s Discovery Capabilities
Bristol-Myers Squibb Co (NYSE:BMY) will top up another $11.6 million in research funding from the upfront fee of $20 million. The two will continue to work on antibody drug candidates targeting these three immuno-oncology programs. The pathways may be analyzed either as single agents or in amalgamation with approved therapies. Looking for more growth, Five Prime Therapeutics Inc (NASDAQ:FPRX) has also entered into strategic collaborations with various leading global pharmaceutical companies that have promising product candidates in clinical and late preclinical development.
Meanwhile, Bristol-Myers Squibb Co (NYSE:BMY)’s stock was trading at $59.14 a decline of $0.34 or 0.57%, while that of Five Prime Therapeutics Inc (NASDAQ:FPRX) closed at $51.05 an increase of $2.45 or 5.04%.
Note: This article is written by Adam Russell and originally published at Market Exclusive.