Bristol Myers Squibb pays $475 million for exclusive rights to Dragonfly Therapeutics’ IL-12 immunotherapy programme
pharmafile | August 18, 2020 | News story | Manufacturing and Production, Sales and Marketing | Bristol Myers Squib, Drgonfly Therapeutics, pharma, pharma deal
Bristol Myers Squibb has scooped up the sole rights to the interleukin-12 (IL-12) immunotherapy programme of Massachusetts-based biotech Dragonfly Therapeutics, handing over $475 million for the privilege.
The main focus of the deal is Dragonfly’s monovalent IL-12 immunoglobulin Fc fusion protein known as DF6002, which the company has been investigating in the treatment of both solid and blood cancers.
Since July, the company has been running the therapy through Phase 1/2 studies to evaluate its efficacy in generating anti-tumour responses in locally advanced or metastatic solid tumours when used as a monotherapy and in combination with PD-1 inhibitors.
Dragonfly CEO and co-Founder Bill Hanley said of the deal: “We are confident that the talent, experience and commitment to science-driven innovation of the Bristol Myers Squibb team will enable DF6002 to discover novel, lifesaving solutions for patients.”
The investigational therapy has obviously caught the eye of BMS, and it was confirmed that the company intends to exercise its newly bought rights to push the drug forward in oncology and haematology.
The $475 million price tag on the deal will be made by BMS in near-term upfront payments, and Dragonfly will have access to further milestone payments contingent on regulatory and commercial successes of drugs under the partnership, as well as up to 24% royalties on net sales worldwide.
Matt Fellows
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