BMY Bristol Myers Squibb Co

   By Chelsey Dulaney 
 

Bristol-Myers Squibb Co. agreed to buy the global rights to Dual Therapeutics LLC's cancer treatment.

Closely held Dual Therapeutics is developing a cancer therapeutic that more effectively targets cancer cells and spares normal cells.

Bristol-Myers Squibb will pay an undisclosed upfront fee, plus development costs, for global rights to develop and commercialize the treatment. Dual Therapeutics also could receive more than $225 million in milestone payments if the treatment secures regulatory approval.

Bristol-Myers already has a portfolio of cancer drugs. It makes Opdivo, a new drug that enlists the body's own immune defenses in the fight against cancer.

Write to Chelsey Dulaney at chelsey.dulaney@wsj.com

(END) Dow Jones Newswires

January 08, 2016 08:35 ET (13:35 GMT)

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