BMS & Ambrx Form Collaboration in Two Therapeutic Areas
New York-based Bristol-Myers Squibb has inked an agreement with Ambrx to research, develop and commercialize biologics based on Ambrx's research surrounding the Fibroblast Growth Factor 21 protein and the Relaxin hormone.
Drug maker Bristol-Myers Squibb and privately-held biopharmaceutical company Ambrx, Inc. announced Thursday a collaboration under which Bristol-Myers Squibb will receive exclusive worldwide rights to research, develop and commercialize biologics based on Ambrx's research surrounding the Fibroblast Growth Factor 21 (FGF-21) protein, for potential use in treating type 2 diabetes, and the Relaxin hormone, for potential use in treating heart failure.
Under the terms of the agreement, BMS will make an upfront payment of $24 million to Ambrx. In addition, BMS will make potential milestone payments and royalty payments on worldwide sales for both programs. BMS and Ambrx will also enter research collaborations for both programs.
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