| BMS enters multiple myeloma alliance | Posted on 20/08/2008 in Pharmaceutical Company Product News Bristol-Myers Squibb (BMS) has signed a global partnership agreement with PDL BioPharma for the development of an innovative treatment for multiple myeloma.
Under the terms of the deal, BMS will develop and commercialise the company's anti-CS1 antibody known as elotuzumab, which is currently in phase I of clinical development.
Formerly known as HuLuc63, the compound binds itself to the CS1 glycoprotein to facilitate the selective killing of myeloma cells by the immune system with minimal effects on other types of cells.
The drug is currently being assessed in clinical studies both as a monotherapy and in conjunction with other drugs.
BMS has agreed to pay PDL BioPharma an upfront fee of $30 million (16 million pounds) for these rights, with the company also eligible for further development and regulatory milestone payments of up to $480 million and landmark sales fees of up to $200 million.
Francis Cuss, senior vice-president of discovery and exploratory clinical research at BMS, said: "Elotuzumab provides us with the opportunity to develop and market an innovative therapy that has the potential to meaningfully address the significant unmet medical need in multiple myeloma."
He added this partnership is consistent with the company's strategy of integrating innovation from outside the company and expanding its capabilities.
Earlier this month, BMS announced it had joined with a number of other large pharmaceutical companies to sponsor a programme informing students how drugs are manufactured.Other news stories from 20/08/2008
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