Bristol-Myers Squibb in deal to develop early-stage oncology compound with China's Simcere; to buy back $750 million of debt

4 November 2010

US drug major Bristol-Myers Squibb (NYSE: BMY) announced an innovative strategic partnership to co-develop BMS-817378, a preclinical small molecule MET/VEGFR-2 inhibitor, with China’s Simcere Pharmaceutical (NYSE: SCR). Financial terms of the deal were not disclosed.

This unique arrangement represents a creative approach to accelerate a preclinical oncology compound to clinical proof-of-concept by leveraging the complementary strengths of a premier Chinese pharmaceutical company and a global pharmaceutical company, said B-MS, and is aimed to leverage its early stage pipeline in support of its BioPharma strategy.

Under the terms of the agreement, Simcere receives exclusive rights to develop and commercialize BMS-817378 in China while B-MS retains exclusive rights in all other markets. The parties will together determine the strategic development plan, which will initially be performed by Simcere.

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