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BMS Selects Third Target in CytomX Collaboration

January 20, 2016

Triggers $10M milestone

Bristol-Myers Squibb has selected a third target under its strategic oncology collaboration with CytomX Therapeutics, triggering a $10 million milestone payment.
“Our collaboration with Bristol-Myers Squibb has progressed very well and we are pleased to expand our collaborative work to a third target,” said Sean McCarthy, D.Phil., president and chief executive officer of CytomX. “We look forward to continuing to work closely with the BMS team to advance product candidates into development.”
Investigational therapeutics developed with CytomX's Probody platform are designed to be active in the tumor while sparing healthy tissue. These Probody therapeutics directed against both validated and novel targets have been shown in preclinical studies to enable anti-tumor efficacy with an enhanced safety window, relative to traditional antibody-based therapies.
The collaboration began in May 2014 and granted BMS exclusive worldwide rights to develop and commercialize Probodies for as many as four oncology targets including CTLA-4, a clinically validated immune inhibitory checkpoint receptor. CytomX received $50 million upfront and receives research funding over the course of the research term.
CytomX receives selection payments and is also eligible to receive additional preclinical payments as much as $298 million in future development, regulatory and sales milestones for each target, as well as royalties on sales.