Bristol-Myers Squibb Co. is placing a small wager that Seglin carbohydrate technology from Summit Corp. plc can deliver the stability and specificity that earlier generations of carbohydrate-based drugs could not. For Summit, a recent shift in strategy to focus on its two lead programs means the deal with Bristol-Myers is pure upside.

On Sept. 11, Summit granted Bristol-Myers an exclusive license to use Seglin to discover and develop drug candidates against 10 undisclosed targets. The biotech will receive a $100,000 access fee and is eligible for up to $30 million in milestones per product, plus royalties.