$112 million ADC collaboration marks third Bristol-Myers Squibb/Ambrx deal in two years

The team-up of the two companies will focus on the discovery and development of novel antibody-drug conjugates against oncology targets, using Ambrx's protein medicinal chemistry technology

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SAN DIEGO—On May 3, Ambrx Inc. entered into acollaboration agreement with Bristol-Myers Squibb Co. for the discovery anddevelopment of novel antibody-drug conjugates (ADCs) against cancer, usingAmbrx's protein medicinal chemistry technology. This announcement marks Ambrx'sthird deal with Bristol-Myers Squibb since 2011.
Under terms of the agreement, Ambrx will receivean upfront payment of $15 million, funding for discovery and researchactivities, and potential development, regulatory and sales-based milestonepayments of as much as $97 million per product resulting from thecollaboration. Bristol-Myers Squibb will receive worldwide rights to developand commercialize products resulting from the collaboration, while Ambrx iseligible to receive royalties on net sales.
This follows the announcement of a big ADC dealwith Japan's Astellas Pharma Inc. in April—like the most recent Bristol-MyersSquibb deal, oncology is the focus—for $15 million up front and as much as $285million in potential near- and long-term research, development, regulatory andsales-based milestones.
The two previous agreements with Bristol-MyersSquibb were separately inked, though both were finalized in September 2011. Onetargets fibroblast growth factor 21 (FGF-21)—a naturally occurring protein withreported benefits on lowering blood glucose, raising HDL cholesterol  and reducing weight—for the potentialtreatment of type 2 diabetes. The other deal centers on Relaxin, a hormone involvedwith childbirth, for the potential treatment of heart failure.
"Bristol-Myers Squibb is a globalbiopharmaceutical leader with expertise developing and commercializing novelmedicines for the treatment of cancer and other diseases, and we are pleased toenter into a third collaboration with the company to include another aspect ofour technology platform," said Dr. Lawson Macartney, CEO of Ambrx. "We lookforward to working together to further utilize Ambrx's technology to discoverand advance these antibody drug conjugates for oncology indications."

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