NEW YORK CITY, New York: Drugmaker Bristol-Myers Squibb has entered into a collaboration agreement worth up to $3.10 billion with Japan's Eisai to develop and market an experimental cancer drug in Asia, Europe, the United States and Canada.
Eisai is developing an antibody drug called MORAb-202 to treat solid tumors, including ovarian, lung and breast cancers. The drug is in the early stages of development.
Under the agreement, Bristol-Myers will pay $650 million, including for research and development expenses, to Eisai, Reuters reported.
Eisai will also be entitled to $2.45 billion in milestone payments and receive a royalty from Bristol-Myers on sales outside specific territories.
Earlier in May, Bristol-Myers signed an exclusive $1.56-billion deal with Agenus to develop and commercialize an experimental drug for treating immuno-oncology conditions, such as non-small-cell lung cancer.