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.


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


(END) Dow Jones Newswires

05-12-22 0807ET