Bristol-Myers Squibb has announced a new global licensing deal that will allow it to develop and commercialise a new cancer compound created by Innate Pharma.
The agreement pertains to the developmental therapy IPH102, a potential first-in-class biologic that functions by blocking KIR receptors.
It is currently in phase I clinical testing and will continue to be developed by Innate Pharma as an acute myeloid leukaemia therapy until the end of phase II, with Bristol-Myers Squibb to offer its support.
The agreement will see Bristol-Myers Squibb pay an upfront fee of $35 million (21.9 million pounds) for rights to the drug, plus additional payments of up to $430 million based on clinical and commercial milestones.
Francis Cuss, senior vice-president of research at Bristol-Myers Squibb, said: "Bristol-Myers Squibb is dedicated to helping patients prevail over cancer."
Last month, the company partnered with Roche to investigate a new treatment option for metastatic melanoma that combines two of the firms' existing cancer drugs.See all the latest jobs in Pharmaceutical