Oncology start-up Dual Therapeutics has tied up with Bristol-Myers Squibb (NYSE: BMY) to advance small molecule compounds to treat cancer and other diseases.
Bristol-Myers Squibb will obtain exclusive, worldwide rights to develop and commercialise therapeutics discovered by Dual.
"We are pleased to collaborate with Bristol-Myers Squibb, a global leader in developing oncology products," Baiju R. Shah, chief executive of BioMotiv, the lead investor in Dual Therapeutics.
Dual Therapeutics is based on the work of investigators at Icahn School of Medicine at Mount Sinai and Case Western Reserve University
Bristol-Myers Squibb will pay an undisclosed upfront fee and development costs and Dual Therapeutics will be eligible to receive development and regulatory milestones that could total more than US$255 million for a successful compound approved in multiple indications in addition to royalties on future sales of products discovered in the collaboration.