By Colin Kellaher
BridgeBio Pharma Inc. on Thursday said it signed an exclusive license agreement potentially worth more than $900 million with Bristol Myers Squibb Co. to develop and commercialize BridgeBio's BBP-398 small-molecular inhibitor in oncology.
BridgeBio, a Palo Alto, Calif., biopharmaceutical company, said it will receive an upfront payment of $90 million and will be eligible for up to $815 million in development, regulatory and sales milestone payments, along with royalties on sales.
BridgeBio said the new agreement expands a 2021 agreement with Bristol Myers to evaluate the combination of BBP-398 with the New York biopharmaceutical company's blockbuster cancer drug Opdivo in patients with advanced solid tumors with KRAS mutations.
BridgeBio said it will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials, while Bristol Myers leads and funds all other development and commercial activities.
BridgeBio earlier this year said it would evaluate BBP-398 in combination with Amgen Inc.'s cancer drug Lumakras in patients with advanced solid tumors with the KRAS G12C mutation.
Shares of BridgeBio, which closed Wednesday at $5.21, rose 9% in premarket trading Thursday.
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(END) Dow Jones Newswires