On heels of landmark approval, Bristol Myers Squibb embarks on billion-dollar oncology deal with metastatic cancer startup
After the FDA approved BMS’s new LAG-3 oncology drug late last week, Bristol Myers Squibb is diving headfirst into a hyper-niche field of oncology research. The big pharma is pairing up with NYC-based biotech Volastra Therapeutics, founded two years ago by researchers out of Memorial Sloan Kettering and Cornell.
The pharma and the biotech announced Monday morning a multi-year R&D collaboration, with Bristol Myers paying $30 million upfront to Volastra and throwing in a potential $1.1 billion in milestones, plus an additional opportunity for royalties.
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