On January 4, 2017 Five Prime Therapeutics, Inc. (Nasdaq:FPRX), a clinical-stage biotechnology company focused on discovering and developing innovative immuno-oncology protein therapeutics, reported that Bristol-Myers Squibb Company (NYSE:BMY) has exercised its option to extend the research term of its discovery collaboration agreement with Five Prime for the discovery, development and commercialization of immuno-oncology therapies directed toward targets in three undisclosed immune checkpoint pathways (Press release, Five Prime Therapeutics, JAN 4, 2017, View Source [SID1234517266]). Schedule your 30 min Free 1stOncology Demo! The original collaboration agreement was established in March 2014 and focused on two undisclosed immune checkpoint pathways. In January 2016, the companies added a third immune checkpoint pathway to the collaboration. Bristol-Myers Squibb has now elected to extend the research term from its original ending date of March 2017 to March 2018, and will provide additional research funding for the 12-month extension of the research term.
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Bristol-Myers Squibb will utilize Five Prime’s discovery capabilities to advance these three immuno-oncology programs toward the identification of drug candidates for continued research and development. Drug candidates developed against targets in these pathways may be studied either as single agents or in combination with approved Bristol-Myers Squibb immuno-oncology therapies or others in development. Five Prime and Bristol-Myers Squibb continue work on antibody drug candidates targeting these pathways. Bristol-Myers Squibb has advanced the first antibody from this collaboration to IND-enabling activities.
"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," said Luis Borges, Ph.D., senior vice president of research, at Five Prime. "Together, we have made significant progress that includes an antibody candidate that could lead to an IND application for our collaborator."
Under the terms of the original agreement, Bristol-Myers Squibb will obtain exclusive, worldwide rights to develop and commercialize products directed toward certain protein targets in the three checkpoint pathways identified by Five Prime prior to and during the collaboration. Bristol-Myers Squibb paid an upfront fee of $20 million to Five Prime and will provide up to $11.6 million in research funding over the course of the entire research term. Five Prime will be eligible to receive up to $300 million in future development (including $5 million upon filing of the first IND application by Bristol-Myers Squibb), regulatory and sales-based milestone payments per collaboration product and tiered mid-single-digit rising to low-double-digit royalty payments on net sales of each product commercialized by Bristol-Myers Squibb.