U.S. markets close in 3 hours 38 minutes
  • S&P 500

    4,382.63
    -39.67 (-0.90%)
     
  • Dow 30

    34,925.62
    -218.69 (-0.62%)
     
  • Nasdaq

    14,569.68
    -271.03 (-1.83%)
     
  • Russell 2000

    2,177.11
    -39.81 (-1.80%)
     
  • Crude Oil

    71.47
    -0.44 (-0.61%)
     
  • Gold

    1,799.00
    -0.20 (-0.01%)
     
  • Silver

    24.55
    -0.77 (-3.05%)
     
  • EUR/USD

    1.1833
    +0.0025 (+0.21%)
     
  • 10-Yr Bond

    1.2380
    -0.0380 (-2.98%)
     
  • GBP/USD

    1.3888
    +0.0064 (+0.46%)
     
  • USD/JPY

    109.6060
    -0.7690 (-0.70%)
     
  • BTC-USD

    37,921.48
    -817.08 (-2.11%)
     
  • CMC Crypto 200

    898.08
    +21.84 (+2.49%)
     
  • FTSE 100

    6,996.08
    -29.35 (-0.42%)
     
  • Nikkei 225

    27,970.22
    +136.93 (+0.49%)
     

Bristol-Myers, Eisai in up to $3.1 billion deal to develop cancer drug candidate

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) -Bristol-Myers Squibb Co and Eisai Co said on Thursday they had entered into an agreement worth up to $3.10 billion to jointly develop and market an experimental cancer drug.

Bristol-Myers would pay $650 million, including for research and development expenses to Eisai, which will also be eligible for up to $2.45 billion in milestone payments, the companies said.

They would jointly develop and market the drug, MORAb-202, in Asia, Europe, the United States and Canada.

Bristol-Myers in May entered into a $1.56 billion deal with Agenus Inc to exclusively develop and market its experimental drug for immuno-oncology treatments, including non-small-cell lung cancer.

The drugmaker has been betting on sales of its Opdivo drug to treat such cancers, in a market currently dominated by Merck & Co's rival treatment, Keytruda.

Eisai's drug, MORAb-202, is being developed for the treatment of solid tumors, including ovarian, lung and breast cancers and is in the early stage of development.

Bristol-Myers will pay Eisai a royalty on sales outside of the collaboration territories, the companies said.

(Reporting by Amruta Khandekar;Editing by Vinay Dwivedi)