HQ Team
December 12, 2023: Bristol Myers Squib will pay a total of $8.4 billion to SystImmune Inc., the US arm of Chinese drugmaker Sichuan Biokin Pharmaceutical Co., to jointly develop and market a cancer drug outside China.
Bristol Myers Squibb will pay SystImmune $800 million in an upfront payment and up to $500 million in contingent near-term payments, according to a company statement.
SystImmune is eligible to receive additional payments of up to $7.1 billion “contingent upon the achievement of certain development, regulatory and sales performance milestones for a total potential consideration of up to $8.4 billion.
“The companies will share certain global development expenses and profits and losses in the United States,” according to a statement from Bristol Myers.
SystImmune retains exclusive development and commercialization rights in Mainland China, where Bristol Myers Squibb will receive a royalty on net sales.
Outside the United States and Mainland China, SystImmune will receive a tiered royalty on net sales.
Antibody-drug conjugate
SystImmune’s antibody-drug conjugate is currently being evaluated for safety and efficacy in individuals with metastatic or unresectable non-small cell lung cancer. It is in the early stages of a clinical trial.
An antibody conjugate is a monoclonal antibody that targets a specific cancer antigen while not harming healthy cells.
Data from earlier clinical studies of BL-B01D1 drug were promising for anti-tumour activity in patients with a range of solid tumours that had progressed after standard-of-care treatments, including breast cancer.
“Recent BL-B01D1 trials have shown broad potential across different solid tumours as well as a manageable safety profile,” said Dr Yi Zhu, Chief Executive Officer at SystImmune.
Samit Hirawat, MD, Executive Vice President, Chief Medical Officer, Drug Development at Bristol Myers Squibb said: “We look forward to working with SystImmune to advance BL-B01D1 in hopes of offering a differentiated treatment option for patients in need.”
SystImmune, which develops cancer treatments, is a clinical-stage biopharmaceutical company located in Redmond, Washington State.
