Prime Medicine Enters Research Collaboration, License Agreement With Bristol Myers Squibb

MT Newswires Live09-30

Prime Medicine (PRME) said Monday that it has entered into a strategic research collaboration and license agreement with Bristol Myers Squibb (BMY) to develop reagents for the next generation of ex vivo T-cell therapies.

The company said it will receive a $55 million upfront payment and a $55 million equity investment from Bristol Myers Squibb, and will also be eligible to receive over $3.5 billion in milestones.

Prime Medicine will design optimized Prime Editor reagents for a select number of targets, while Bristol Myers Squibb will be responsible for the development, manufacturing, and commercialization of the next-generation cell therapies, the company said.

Prime Medicine's share price jumped almost 14% in recent Monday premarket activity.

Price: 3.94, Change: +0.48, Percent Change: +13.87

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment