Bristol Myers Squibb to Take Stake in Avidity Biosciences, Expand Partnership
November 28 2023 - 7:21AM
Dow Jones News
By Will Feuer
Bristol Myers Squibb will take a stake in Avidity Biosciences as
part of a broader licensing and research deal focused on the
development and commercialization of multiple cardiovascular
targets.
Bristol will pay Avidity $60 million in cash and buy about $40
million of its stock at a price of $7.88 a share as part of the
deal.
Avidity could earn up to about $1.35 billion in research and
development milestone payments, and up to about $825 million in
commercial milestone payments. Avidity also will be eligible for
tiered royalties of up to a low double-digit percentage of net
sales. Bristol will fund all clinical development, regulatory and
commercialization activities tied to the collaboration.
Avidity is working on developing a new class of RNA therapeutics
called Antibody Oligonucleotide Conjugates, which are designed to
combine the specificity of monoclonal antibodies with the precision
of oligonucleotide therapies to target the root cause of diseases
previously untreatable with RNA therapeutics.
The new deal with Bristol expands a 2021 research pact that
Avidity struck with MyoKardia, a Bristol subsidiary, to explore the
potential use of AOCs in cardiac tissue.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
November 28, 2023 07:06 ET (12:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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