By Colin Kellaher 



  Dragonfly Therapeutics Inc. on Monday said it has expanded its research collaboration with Bristol-Myers Squibb Co. to include immunotherapies for multiple sclerosis and neuro-inflammation targets. 


  The privately held company said it will grant Bristol-Myers the option to license exclusive worldwide intellectual-property rights to multiple candidates developed using its proprietary platform for multiple new targets. 


  Dragonfly said it will receive a $55 million upfront payment and will be eligible to receive additional payments based on development, regulatory and sales milestones, along with royalties on sales of approved products. 


  Dragonfly in 2017 formed a five-year strategic collaboration with Celgene Corp. targeting oncology and autoimmune diseases. Bristol-Myers completed its $74 billion acquisition of Celgene last year. 


  Write to Colin Kellaher at colin.kellaher@wsj.com