Bristol-Myers teams up with Ambrx for novel biologics programs in diabetes and heart failure

23 September 2011

US drug major Bristol-Myers Squibb (NYSE: BMY) revealed yesterday that it has teamed up with privately-held California-based Ambrx for the development of new treatments in the field of diabetes and heart failure, paying an upfront $24 million to the biopharma firm.

Under the terms of the accord, B-MS will get exclusive worldwide rights to research, develop and commercialize biologics based on Ambrx’ research surrounding the Fibroblast Growth Factor 21 (FGF-21) protein, for potential use in treating type 2 diabetes, and the Relaxin hormone, for potential use in treating heart failure.

B-MS will make potential but undisclosed milestone payments and royalty payments on worldwide sales for both programs. Together with Ambrx, it will also enter research collaborations for both programs.

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