Molecular Templates in Cancer Collaboration With Bristol Myers
February 11 2021 - 09:27AM
Dow Jones News
By Colin Kellaher
Molecular Templates Inc. on Thursday said it signed a cancer
collaboration agreement potentially worth more than $1.3 billion
with drug giant Bristol Myers Squibb Co.
Molecular said the collaboration will use its engineered toxin
body, or ETB, platform to discover and develop multiple novel
therapies aimed at specific oncology targets.
The Austin, Texas, clinical-stage biopharmaceutical company said
it will receive an up-front payment of $70 million from Bristol
Myers, adding that is eligible for up to roughly $1.3 billion in
milestone payments, along with royalties on sales.
Molecular said it will conduct research activities for the
discovery of ETBs for multiple targets, the first of which Bristol
has already selected. New York-based Bristol will have the option
for exclusive worldwide licenses for the ETBs and will be
responsible for their development and commercialization, Molecular
added.
Shares of Molecular, which closed Wednesday at $12.82, rose more
than 25% in premarket trading Thursday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 11, 2021 09:12 ET (14:12 GMT)
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