Bristol-Myers Squibb in up to $465 million deal with Innate Pharma for cancer antibody

US drug major Bristol-Myers Squibb (NYSE: BMY) has signed a global agreement with French biotech firm Innate Pharma (Euronext Paris: FR0010331421 IPH) for the development and commercialization of IPH2102, a novel antibody in Phase I development for the treatment of cancer.

Under the terms of the deal, B-MS will fund the development of IPH2102, will pay an upfront of $35 million and make additional payments of up to $430 million, depending on the achievement of pre-specified milestones during the development and commercialization period, as well as pre-specified tiered double-digit royalty payments on worldwide net sales.

For its part, Innate will grant to B-MS exclusive worldwide rights to develop, manufacture and commercialize IPH2102 and related compounds blocking KIR receptors. The accord covers all potential indications for IPH2102. Innate will continue to develop IPH2102 in acute myeloid leukemia (AML) through to the end of Phase II. Innate will also provide preclinical support for the development of IPH2102.