Bristol Myers Sqibb (NYSE:BMY)
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3 Months : From Sep 2018 to Dec 2018
By Colin Kellaher
Bristol-Myers Squibb Co. (BMY) and Compugen Ltd. (CGEN) Thursday said they will evaluate the safety and tolerability of Compugen's COM701 antibody in combination with Bristol-Myers' cancer drug Opdivo in patients with advanced solid tumors.
As part of the collaboration, Bristol-Myers will invest $12 million in Compugen, buying 2.42 million shares of the Israel-based therapeutic discovery and development company at $4.95 apiece. Compugen shares, which closed Wednesday at $3.25, surged 17% to $3.80 in premarket trading Thursday.
The companies said Compugen will sponsor an ongoing two-part Phase 1 trial that includes evaluating the combination of COM701 and Opdivo in four tumor types, including non-small cell lung, ovarian, breast and endometrial cancer. The collaboration is also designed to address potential future combinations, including trials sponsored by Bristol-Myers, the companies said.
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(END) Dow Jones Newswires
October 11, 2018 07:35 ET (11:35 GMT)
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