Bristol-Myers To Get $470 Million Upfront For License Deals With Biogen And Roche

By Tomi Kilgore Markets MarketWatch Pulse

Bristol-Myers Squibb Co. said Thursday it entered into license deals with Biogen Inc. and Roche, in which it will receive a combined $470 million in upfront payments and up to $615 million in potential milestone payments. Under the agreements, Bristol-Myers will license its anti-eTau compound in development to treat Progressive Supranuclear Palsy to Biogen, for $300 million upfront and up to $410 million in milestone payments. The drug giant will also license its anti-myostatin adnectin in development to treat Duchenne Muscular Dystrophy to Roche for $170 million upfront and up to $205 million in milestone payments. The agreements, which are subject to antitrust regulatory approval, are expected to close in the second quarter of 2017. Bristol-Myers' stock, which was still inactive in premarket trade, has dropped 9.3% year to date, while the S&P 500 has gained 4.7%.

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