Bristol-Myers Chooses lxsys

Despite the lackluster track record of therapeutic monoclonal antibodies, Bristol-Myers Squibb is reinforcing its decade-long MAb program with a three-year collaboration with Ixsys Inc. to develop treatments for solid tumors.

Bristol-Myers will provide Ixsys with $10 million in equity and reasearch funding, including a $6 million up-front payment already paid, plus additional milestone payments and sales royalties. The deal gives Bristol-Myers a 9 percent equity stake in Ixsys...