Bristol Myers Strikes $800M Deal with Chinese Drugmaker for Cancer Drug Development
Bristol Myers Squibb has announced that it will pay $800 million upfront and up to $8.4 billion to Sichuan Biokin Pharmaceutical to develop and commercialize one of the Chinese drugmaker's cancer treatments outside of China. The agreement includes co-development of an antibody-drug conjugate (ADC) that has shown promise against solid tumors. SystImmune, a U.S.-based unit of Sichuan Biokin, will be responsible for development and commercialization in mainland China, while Bristol Myers will handle these responsibilities outside the country. ADCs are designed to target only cancer cells, potentially reducing damage to normal cells.