Bristol-Myers Squibb & Ambrx, Inc. released a joint statement today which detailed a partnership where Bristol-Myers will gain exclusive worldwide rights to some of Ambrx’s research.
In the agreement, Bristol-Myers will research, develop and commercialize biologics based on Ambrx’s research on the “Bibroblast Growth Factor 12 (or, FGF-21) protein. This protein has a potential use for treating type 2 diabetes. Additionally, the company will gain access to Ambrx’s research of the Relaxin hormone for potential use in treating heart failure.
Bristol-Myers will make a payment of $24 million dollars to Ambrx for the exclusive rights of access to Ambrx’s research. Royalties and milestone notes are also included in the announcement where Bristol-Myer will make milestone payments should milestones be completed and royalty payments on worldwide sales.
In a company statement, Bristol-Myers said, “Bristol-Myers Squibb has a strong heritage discovering, developing and delivering medicines to treat diabetes and cardiovascular disease,” said Francis Cuss, senior vice president, Research, Bristol-Myers Squibb. “As part of our String of Pearls strategy we seek to build relationships with companies that have innovative programs and capabilities that complement our own internal efforts. We are excited to be working with Ambrx, which has used its unique ReCODE technology to create precisely engineered investigational biologics in both of these therapeutic areas. Our combined expertise will provide the best chance of bringing these innovative medicines to patients.”
Ambrx Inc., had the following to say, “These programs have shown tremendous potential in preclinical studies, and we believe that Bristol-Myers Squibb has the necessary expertise to best lead their continued development. We look forward to using the revenues from this partnership to continue to grow our internal pipeline, which includes our promising antibody drug conjugate programs,” said Added Simon Allen, chief business officer of Ambrx.