CytomX and Bristol-Myers Squibb Sign Cancer Fighting Deal

Bristol-Myers Squibb will pay CytomX Therapeutics $50 million upfront in a research and licensing collaboration to discover, develop and commercialize therapies against multiple immuno-oncology targets using CytomX’s exclusive Probody Platform, the companies said.

The deal centers on developing up to four targets using CytomX’s Probodies to stimulate the immune system to fight cancer. BMS will have certain additional rights to substitute up to two collaboration targets, the company said.

As part of the deal, San Francisco-based CytomX can receive up to $298 million per target, a total of $1.2 billion, in development milestones. The company also is eligible to receive money based on preclinical development milestones, which weren’t specified by the companies.

In addition, CytomX would receive royalties for drugs that are eventually approved and sold, the company said.

Probodies, a name trademarked by the company, are monoclonal antibodies that are selectively activated within the cancer microenvironment, focusing the activity of therapeutic antibodies on tumors while sparing healthy tissue. The company says Probodies target cancer cells without many of the side effects of anti-cancer treatments.

This is the third Probody-centric deal CytomX has completed this past year, the others with Pfizer and ImmunoGen, the company said. — Kellen Owings

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