OliPass Corporation, a privately held biopharmaceutical company focused on developing antisense medicines based on peptide nucleic acid (PNA) technology, has formed a worldwide strategic alliance with Bristol-Myers Squibb to discover and develop therapeutics against multiple targets using OliPass’ technology platform.

Under the agreement, BMS will make an up-front payment and will provide certain research support payments to continue development of the technology. OliPass will be eligible to receive additional payments upon completion of certain objectives. In addition, OliPass will be eligible to receive development milestones and royalties on the sales of each product licensed to Bristol-Myers Squibb under the agreement as well as other milestones based on the level of licensed product sales.

OliPass is based in Suwon, Republic of Korea. It was founded in 2006 to provide solutions to key technical hurdles against the development of oligonucleotide drugs.

Source: OliPass