Bristol-Myers Squibb entered a global collaboration with Nissan Chemical Industries, Ltd. and Teijin Pharma Ltd. for the development and commercialization of NTC-801, a selective inhibitor of the acetylcholine-activated potassium ion channel (IKACh), currently in Phase I development in Japan for the maintenance of normal sinus rhythm in patients with atrial fibrillation.

Nissan and Teijin will grant BMS exclusive, worldwide (ex-Japan) rights for NTC-801 and certain backup compounds. BMS will make an upfront cash payment of $40 million, potential development milestone payments of as much as $170 million, sales milestones of as much as $175 million and royalties on sales for licensed products. Nissan has previously granted Teijin exclusive rights to NTC-801 in Japan.

“There is significant unmet medical need for a more effective and safer therapy for atrial fibrillation,” said Francis Cuss, M.D., senior vice president, Discovery and Exploratory Clinical Research, BMS. “We are pleased to have the opportunity to work with Nissan Chemical and Teijin Pharma to develop this atrial-selective antiarrhythmic medicine. NTC-801 provides us with the opportunity to leverage our company’s deep expertise in helping patients prevail over cardiovascular disease, and further strengthens and expands our pipeline in cardiovascular adjacencies.”