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March 17, 2014
07:00 EDTFPRX, BMYFive Prime and Bristol-Myers sign collaborative agreement
Five Prime (FPRX) and Bristol-Myers (BMY) announced that they have signed a collaboration agreement for the discovery, development and commercialization of immuno-oncology therapies directed toward targets identified in two undisclosed immune checkpoint pathways using Five Prime’s proprietary target discovery platform. Under the terms of the agreement, Bristol-Myers Squibb will obtain exclusive, worldwide rights to develop and commercialize products directed toward certain protein targets identified by Five Prime prior to and during the collaboration. Bristol-Myers Squibb will make an upfront payment of $20M to Five Prime and provide up to $9.5M in research funding over the course of the research term. Additionally, Bristol-Myers Squibb will make a payment of approximately $21M to acquire 4.9% of Five Prime’s outstanding common stock purchased at approximately a 30% premium. Five Prime will be eligible to receive up to $300M in future development, regulatory and sales based milestone payments per collaboration target and tiered mid-single-digit rising to low-double-digit royalty payments on net sales of each product commercialized by Bristol-Myers Squibb.
News For FPRX;BMY From The Last 14 Days
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September 17, 2014
07:43 EDTBMYBofA/Merrill to hold a conference
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September 16, 2014
06:00 EDTBMYBristol-Myers announces Health Canada approval of Yervoy
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September 15, 2014
16:10 EDTFPRXFive Prime announces option exercise by GlaxoSmithKline to obtain license
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