Five Prime Therapeutics and Bristol-Myers Squibb Sign Collaboration Agreement to Discover Novel Immuno-Oncology Therapies for

Five Prime Therapeutics and Bristol-Myers Squibb Sign Collaboration Agreement
to Discover Novel Immuno-Oncology Therapies for Two Immune Checkpoint Pathways

SOUTH SAN FRANCISCO, Calif. and NEW YORK, March 17, 2014 (GLOBE NEWSWIRE) --
Five Prime Therapeutics, Inc. (Nasdaq:FPRX) and Bristol-Myers Squibb Company
(NYSE:BMY) announced today that they have signed a collaboration agreement for
the discovery, development and commercialization of immuno-oncology therapies
directed toward targets identified in two undisclosed immune checkpoint
pathways using Five Prime's proprietary target discovery platform.

Bristol-Myers Squibb will leverage Five Prime's platform to advance its
existing immuno-oncology programs by identifying the most viable drug targets
for continued research and development. Drug candidates developed against
these new and existing targets may be studied either as single agents or in
combination with existing or potential Bristol-Myers Squibb immuno-oncology
therapies.

"Immuno-oncology has the potential to be transformational in the treatment of
cancer, and Bristol-Myers Squibb has an extensive clinical pipeline and
discovery programs dedicated to maximizing this field of research," said
Francis Cuss, MB BChir, FRCP, executive vice president and chief scientific
officer, Bristol-Myers Squibb. "Five Prime's innovative technology platforms
complement our immuno-oncology pipeline and will help expand our understanding
of promising new therapeutic options for patients."

"We are thrilled to enter this important collaboration with Bristol-Myers
Squibb, an undisputed leader in the exciting field of immuno-oncology," said
Lewis T. "Rusty" Williams, M.D., Ph.D., President and Chief Executive Officer
of Five Prime. "This strategic alliance is evidence that our protein discovery
platform is ideally suited to identify novel immune checkpoint targets for the
development of next generation immuno-oncology therapeutics."

Under the terms of the agreement, Bristol-Myers Squibb will obtain exclusive,
worldwide rights to develop and commercialize products directed toward certain
protein targets identified by Five Prime prior to and during the
collaboration. Bristol-Myers Squibb will make an upfront payment of $20
million to Five Prime and provide up to $9.5 million in research funding over
the course of the research term. Additionally, Bristol-Myers Squibb will make
a payment of approximately $21 million to acquire 4.9% of Five Prime's
outstanding common stock purchased at approximately a 30% premium. Five Prime
will be eligible to receive up to $300 million in future development,
regulatory and sales based milestone payments per collaboration target and
tiered mid-single-digit rising to low-double-digit royalty payments on net
sales of each product commercialized by Bristol-Myers Squibb.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to
discover, develop and deliver innovative medicines that help patients prevail
over serious diseases. For more information, please visit www.bms.com or
follow us on Twitter at http://twitter.com/bmsnews.

About Five Prime Therapeutics

Five Prime Therapeutics, Inc. is a clinical-stage biotechnology company
focused on discovering and developing novel protein therapeutics for cancer
and inflammatory diseases. Five Prime has leveraged its comprehensive library
of human extracellular proteins and its proprietary high-throughput screening
technologies to produce new targets for protein therapeutics to be advanced by
partners or in the company's internal pipeline. Five Prime currently has 2
therapeutics in clinical testing and a third anticipated to enter the clinic
by the end of 2014. FP-1039 (GSK3052230) is a fibroblast growth factor (FGF)
ligand trap being developed in collaboration with GlaxoSmithKline to treat
multiple solid tumors. A global, multi-arm Phase 1b study of FP-1039 in
combination with standard chemotherapy in FGFR1 gene-amplified squamous
non-small cell lung cancer (NSCLC) and mesothelioma is underway. A second drug
candidate is FPA008, a monoclonal antibody that inhibits colony stimulating
factor-1 receptor (CSF1R) activation and is being developed to treat
rheumatoid arthritis, is in a Phase 1 trial currently enrolling. FPA144 is a
monoclonal antibody that blocks signaling through fibroblast growth factor
receptor 2b (FGFR2b) and is glyco-engineered for enhanced antibody-dependent
cytotoxicity. FPA144 is expected to begin a Phase 1 study in gastric cancer by
the end of 2014. For more information please see: www.fiveprime.com.

Bristol-Myers Squibb Forward-Looking Statement

This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995 regarding the
research, development and commercialization of pharmaceutical products. Such
forward-looking statements are based on current expectations and involve
inherent risks and uncertainties, including factors that could delay, divert
or change any of them, and could cause actual outcomes and results to differ
materially from current expectations. No forward-looking statement can be
guaranteed. Among other risks, there can be no guarantee that this
collaboration will lead to the discovery of new drug candidates, that clinical
trials from this collaboration will support regulatory filings, or that any
new drug candidates will receive regulatory approvals or, if approved, that
they will become commercially successful products. Forward-looking statements
in this press release should be evaluated together with the many uncertainties
that affect Bristol-Myers Squibb's business, particularly those identified in
the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on
Form 10-K for the year ended December 31, 2013, in our Quarterly Reports on
Form 10-Q and our Current Reports on Form 8-K. Bristol-Myers Squibb undertakes
no obligation to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.

Five Prime Forward-Looking Statement

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "may,"
"will," "expect," "plan," "anticipate," "estimate," "intend" and similar
expressions (as well as other words or expressions referencing future events,
conditions or circumstances) are intended to identify forward-looking
statements. These forward-looking statements are based on Five Prime's
expectations and assumptions as of the date of this press release. Each of
these forward-looking statements involves risks and uncertainties. Actual
results may differ materially from these forward-looking statements.
Forward-looking statements contained in this press release include statements
regarding the (i) advancement of immuno-oncology programs; (ii) development
and commercialization of products; and (iii) Five Prime's receipt of milestone
payments and royalty payments. Factors that may cause actual results to differ
from those expressed or implied in the forward-looking statements in this
press release are discussed in Five Prime's filings with the U.S. Securities
and Exchange Commission, including the "Risk Factors" contained therein.
Except as required by law, Five Prime assumes no obligation to update any
forward-looking statements contained herein to reflect any change in
expectations, even as new information becomes available.

CONTACT: Bristol-Myers Squibb
        
         Media:
         Laura Hortas, 609-252-4587, laura.hortas@bms.com;
         Ken Dominski, 609-252-5251, ken.dominski@bms.com
        
         Investors:
         John Elicker, 609-252-4611, john.elicker@bms.com;
         Ranya Dajani, 609-252-5330, Ranya.dajani@bms.com
         Ryan Asay, 609-252-5020, ryan.asay@bms.com
        
         Five Prime Therapeutics:
         Amy Kendall, 415-365-5776, amy.kendall@fiveprime.com

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