BMS, SystImmune In $8.4-Bn ADC Oncology Pact
Bristol Myers Squibb (BMS) and SystImmune, a Redmond, Washington-based clinical-stage bio/pharmaceutical company, have entered an exclusive license and collaboration agreement for SystImmune’s BL-B01D1, a bispecific antibody-drug conjugate (ADC), in a deal worth up to $8.4 billion ($800 million upfront and $7.6 billion in milestone payments).
Under the agreement, the companies will jointly develop and commercialize BL-B01D1 in the US. Through its affiliates, SystImmune will be solely responsible for development, commercialization, and manufacturing in Mainland China and will be responsible for manufacturing certain drug supplies for use outside of Mainland China. BMS will assume sole responsibility for development and commercialization in the rest of the world.
BL-B01D1 is currently being evaluated in a Phase I study for treating metastatic or unresectable non-small cell lung cancer. It is a bispecific topoisomerase inhibitor-based ADC that targets both epidermal growth factor receptor and human epidermal growth factor receptor 3 (EGFR x HER3).
BMS will pay SystImmune $800 million in an upfront payment and up to $500 million in contingent near-term payments. SystImmune is eligible to receive additional payments of up to $7.1 billion contingent upon the achievement of certain development, regulatory and sales performance milestones for a total potential consideration of up to $8.4 billion. The companies will share certain global development expenses and profits and losses in the US. Through its affiliates, SystImmune will retain exclusive development and commercialization rights in Mainland China, where BMS will receive a royalty on net sales. Outside the US and Mainland China, SystImmune will receive a tiered royalty on net sales. The agreement is subject to customary clearance by antitrust regulators.