SystImmune, a subsidiary of Baillie Gifford, triggers a $250 million milestone payment in collaboration with Bristol Myers Squibb
SystImmune, a wholly-owned subsidiary of BaiLi Tianheng, has reached an exclusive cooperation agreement with Bristol Myers Squibb regarding the iza-bren project. SystImmune has received an initial payment of $800 million from BMS and triggered a milestone payment of $250 million. According to the agreement, SystImmune is also eligible for up to $7.1 billion in additional payments, the specific amount of which is subject to conditions and uncertainty
According to the Zhitong Finance APP, Baili Tianheng (688506.SH) announced that on December 11, 2023, its wholly-owned subsidiary SystImmune, Inc. (referred to as "SystImmune") reached an exclusive licensing and cooperation agreement with Bristol Myers Squibb (referred to as "BMS", NYSE code: BMY) regarding the iza-bren (BL-B01D1, EGFR×HER3 dual antibody ADC) project. As of March 7, 2024, the company has received an $800 million non-refundable and non-deductible upfront payment from BMS.
The global Phase II/III key registration clinical trial IZABRIGHT-Breast01 has achieved a milestone event, officially triggering the first $250 million near-term contingent payment under the cooperation agreement, and SystImmune will receive the payment shortly (the actual amount received will be subject to bank fees). According to the cooperation agreement, the company is also eligible for up to $250 million in additional near-term contingent payments, as well as up to $7.1 billion in additional payments upon reaching specific development, registration, and sales milestones. The milestone payments stipulated in the cooperation agreement are subject to certain conditions, and the final milestone payments remain uncertain
