Bristol Myers to pay $1.5 billion dollars, upfront, in conjunction with BioNTech for cancer medicine
In a deal that could be worth over 11 billion dollars for the German company, Bristol Myers Squibb announced Monday that it will pay 1.5 billion dollars (mdd) up front to collaborate with BioNTech of Germany on the development of an experimental cancer treatment.
The deal is a boost to the German company’s ambition to continue its long-term focus on experimental cancer treatments and demonstrate that its success as Pfizer’s partner in the COVID-19 vaccine was not a one-off achievement.
Shares of German-listed BioNTech gained 13.1%, touching one-month highs.
Bristol announced that it will jointly develop and market BioNTech’s drug, BNT327, for multiple types of solid tumors.
