Bristol-Myers Squibb & CytomX Therapeutics Extend Worldwide Collaboration to Discover Probody™ Therapeutics for the Treatme...
March 20 2017 - 6:59AM
Business Wire
- Builds upon initial 2014 alliance in
oncology
- Includes up to eight additional
targets in oncology and other therapeutic areas
- CytomX to receive $200 million
upfront payment
Bristol-Myers Squibb Company (NYSE:BMY) and CytomX Therapeutics,
Inc. (Nasdaq:CTMX), a biopharmaceutical company developing
investigational Probody therapeutics for the treatment of cancer,
today announced an expansion of their 2014 strategic collaboration
to discover novel therapies that will include up to eight
additional targets using CytomX’s proprietary Probody platform.
Probody therapeutics are designed to take advantage of unique
conditions in the tumor microenvironment to enhance the
tumor-targeting features of an antibody and reduce drug activity in
healthy tissues. By remaining inactive until they are activated by
proteases in the tumor microenvironment, Probody therapeutics bind
selectively to cells within tumor tissue with reduced binding to
healthy tissue, potentially improving or creating a therapeutic
window. Probody therapeutics may also have application in other
diseases where proteases are dysregulated in affected tissues.
As part of the original collaboration signed in May 2014 to
discover, develop and commercialize Probody therapeutics,
Bristol-Myers Squibb selected four oncology targets, including
CTLA-4. In the collaboration to date, Bristol-Myers Squibb has
progressed the CTLA-4 Probody therapeutic to Investigational New
Drug-enabling studies and the three other programs are in the lead
discovery and optimization phase.
“CytomX’s Probody platform has enhanced our discovery research
as we seek to direct the therapeutic effects of immunotherapy in a
more targeted approach against tumors,” said Carl Decicco, Ph.D.,
Head of Discovery, Bristol-Myers Squibb. “We look forward to
working more extensively with CytomX on this innovative and
potentially disruptive approach in oncology as well as other
disease areas.”
“This expanded collaboration with Bristol-Myers Squibb gives
CytomX the opportunity to further the reach of our potentially
transformational Probody technology and provides us with additional
financial and strategic flexibility to build our company,” said
Sean McCarthy, D. Phil., President and Chief Executive Officer.
“With CX-072 in Phase 1/2, and CX-2009 approaching clinical
studies, our broad wholly-owned pipeline is poised for initial
proof of concept as we aim to reinvent therapeutic antibodies.”
Under the terms of the agreement, CytomX will grant
Bristol-Myers Squibb exclusive worldwide rights to develop and
commercialize Probody therapeutics for up to six additional
oncology targets and two non-oncology targets. Bristol-Myers Squibb
will make an upfront payment of $200 million to CytomX and, in
addition, will provide research funding over the course of the
research term. CytomX will also be eligible to receive up to $448
million in future development, regulatory and sales milestone
payments for each collaboration target, as well as tiered royalties
from the mid-single digits to low-double digits on net sales of
each product commercialized by Bristol-Myers Squibb.
Closing of the transaction is subject to clearance under the
Hart-Scott-Rodino Antitrust Improvements Act.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol-Myers Squibb, visit us
at BMS.com or follow us on LinkedIn, Twitter,
YouTube and Facebook.
About CytomX Therapeutics
CytomX is a clinical-stage, oncology-focused biopharmaceutical
company pioneering a novel class of investigational antibody
therapeutics based on its Probody technology platform. The company
uses its platform to create proprietary cancer immunotherapies
against clinically-validated targets, such as PD-L1, and develop
first-in-class cancer therapeutics against difficult-to-drug
targets, such as CD166. Probody therapeutics are designed to take
advantage of unique conditions in the tumor microenvironment to
enhance the tumor-targeting features of an antibody and reduce drug
activity in healthy tissues. The company’s lead program,
CX-072, a wholly-owned PD-L1-targeting Probody therapeutic, is
being evaluated in a Phase 1/2 study. CX-072 is part of PROCLAIM
(Probody Clinical Assessment In Man), an international umbrella
clinical trial program that provides clinical trial sites with
access to the company’s novel therapies under one central protocol.
The Investigational New Drug filing for CX-2009, a first-in-class
Probody drug conjugate targeting the highly expressed tumor
antigen, CD166, is targeted for the first half of 2017. In addition
to its proprietary programs, CytomX is collaborating with strategic
partners including AbbVie, Bristol-Myers Squibb Company, Pfizer
Inc., MD Anderson Cancer Center and ImmunoGen, Inc. For more
information, visit www.cytomx.com or follow us on Twitter.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains “forward-looking statements” as that
term is defined in the Private Securities Litigation Reform Act of
1995 regarding the research, development and commercialization of
pharmaceutical products. Such forward-looking statements are
based on current expectations and involve inherent risks and
uncertainties, including factors that could delay, divert or change
any of them, and could cause actual outcomes and results to differ
materially from current expectations. No forward-looking
statement can be guaranteed. Forward-looking statements in this
press release should be evaluated together with the many
uncertainties that affect Bristol-Myers Squibb's business,
particularly those identified in the cautionary factors discussion
in Bristol-Myers Squibb's Annual Report on Form 10-K for the year
ended December 31, 2016 in our Quarterly Reports on Form 10-Q and
our Current Reports on Form 8-K. Bristol-Myers Squibb
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
CytomX Therapeutics Forward-Looking Statements
This press release includes forward-looking statements. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that are difficult to
predict, may be beyond our control, and may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied in such statements. Accordingly, you should not rely on any
of these forward-looking statements. Our Probody platform is
beginning clinical development, and the process by which clinical
development could potentially lead to an approved product is long
and subject to significant risks and uncertainties. Collaborations
with partners may not result in products, and milestone payments
and royalties may not be received. Projected net cash utilization
and capital resources are subject to substantial risk of variance
based on a wide variety of factors that can be difficult to
predict. Applicable risks and uncertainties include those relating
to our preclinical research and development, clinical development,
and other risks identified under the heading "Risk Factors"
included in our filings with the SEC. The forward-looking
statements contained in this press release are based on information
currently available to CytomX and speak only as of the date on
which they are made. CytomX does not undertake and specifically
disclaims any obligation to update any forward-looking statements,
whether as a result of any new information, future events, changed
circumstances or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170320005171/en/
Bristol-Myers SquibbMedia:Ken Dominski,
609-252-5251ken.dominski@bms.comLisa McCormick Lavery,
609-252-7602lisa.mccormicklavery@bms.comorInvestors:Tim Power,
609-252-7509timothy.power@bms.comBill Szablewski,
609-252-5894william.szablewski@bms.comorCytomXMedia:Canale
CommunicationsIan Stone,
619-849-5388ian@canalecomm.comorInvestors:Trout GroupPete Rahmer,
646-378-2973prahmer@troutgroup.com
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Sep 2023 to Sep 2024