BMY Bristol Myers Squibb Co

   By Tess Stynes 
 

Bristol-Myers Squibb Co. (BMY) expanded its collaboration effort with CytomX Therapeutics Inc. (CTMX) to a third experimental cancer treatment target, triggering a $10 million milestone payment for the California biopharmaceutical company.

CytomX uses its Probody drug-development platform to develop immunotherapy treatments and to improve the tumor-targeting capabilities and safety of cancer therapies.

Under the May 2014 collaboration deal, Bristol-Myers received exclusive global rights to develop and commercialize Probodies for as many as four cancer targets.

CytomX received an upfront payment of $50 million and is eligible for selection payments when Bristol-Myers selects the third and fourth targets. CytomX also is eligible to receive additional payments including as much as $298 million in future milestone payments for each collaboration target.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

January 20, 2016 09:03 ET (14:03 GMT)

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