- BridgeBio Pharma Inc (NASDAQ:BBIO) has announced an exclusive license with Bristol Myers Squibb Co (NYSE:BMY) to develop and commercialize BBP-398, a potentially best-in-class SHP2 inhibitor, in oncology.
- Under the agreement terms, BridgeBio will receive an upfront payment of $90 million, up to $815 million in development, regulatory and sales milestone payments, and tiered royalties in the low- to mid-teens.
- BridgeBio will retain the option to acquire higher royalties in the U.S. in connection with funding a portion of development costs upon the initiation of registrational studies.
- Related: BridgeBio Shares Plunge After it Details Out-Licensing Plans For 'Restructuring Initiative.'
- BridgeBio will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials. Bristol Myers Squibb will lead and fund all other development and commercial activities.
- In July 2021, BridgeBio initially announced a non-exclusive, co-funded trial collaboration with Bristol Myers Squibb to evaluate the combination of BBP-398 with Opdivo (nivolumab) in advanced solid tumors with KRAS mutations.
- Price Action: BBIO shares are up 4.61% at $5.45, and BMY stock is down 0.35% at $75.88 on the last check Thursday.
