Ambrx Initiates Collaboration with Bristol-Myers Squibb for Discovery,
Development of Next-Generation Antibody Drug Conjugates
SAN DIEGO, May 3, 2013
SAN DIEGO, May 3, 2013 /PRNewswire/ --Ambrx today entered into a
collaboration agreement with Bristol-Myers Squibb (NYSE: BMY) for the
discovery and development of novel antibody drug conjugates using Ambrx's
protein medicinal chemistry technology.
Under terms of the agreement, Ambrx will receive an upfront payment of $15
million, funding for discovery and research activities, and potential
development, regulatory and sales based milestone payments of up to $97
million per product resulting from the collaboration. Bristol-Myers Squibb
will receive worldwide rights to develop and commercialize products resulting
from the collaboration, and Ambrx is eligible to receive royalties on net
sales. Additional terms were not disclosed.
"Bristol-Myers Squibb is a global biopharmaceutical leader with expertise
developing and commercializing novel medicines for the treatment of cancer and
other diseases, and we are pleased to enter into a third collaboration with
the company to include another aspect of our technology platform," said Lawson
Macartney, Ph.D., chief executive officer of Ambrx. "We look forward to
working together to further utilize Ambrx's technology to discover and advance
these antibody drug conjugates for oncology indications."
Ambrx and Bristol-Myers Squibb entered into two separate agreements in
September 2011 to research, develop and commercialize biologics created with
Ambrx's protein medicinal chemistry technology. These therapeutic candidates,
which target the Fibroblast Growth Factor 21 (FGF-21) protein for the
potential treatment of type 2 diabetes, and the Relaxin hormone for the
potential treatment of heart failure, are being developed by Bristol-Myers
Ambrx Inc. is a clinical stage biopharmaceutical company using an expanded
genetic code to create best-in-class biotherapeutics, including antibody drug
conjugates, bispecific antibodies and proteins with improved pharmacologic
properties. The company is developing ARX201, a long-acting growth hormone
that has successfully completed Phase 2b clinical trials. In addition to its
three collaborations with Bristol-Myers Squibb, Ambrx has collaborations to
discover and develop products incorporating Ambrx technology with Astellas,
Merck, Eli Lilly and Company and several undisclosed companies. Ambrx is
advancing a robust portfolio of product candidates that are optimized for
efficacy, safety and ease of use in multiple therapeutic areas. For
additional information, visit www.ambrx.com.
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