Bristol-Myers, Ambrx in diabetes, heart failure deal

Ambrx Inc. (La Jolla, Calif.) granted Bristol-Myers Squibb Co. (NYSE:BMY) exclusive, worldwide rights to develop and commercialize preclinical biologics programs in Type II diabetes and heart failure. The diabetes program is based on derivatives of fibroblast growth factor-21 (FGF-21) and includes lead candidate ARX618 (PEG-FGF-21), a long-acting variant of FGF-21. The heart failure program is based on derivatives of the Relaxin hormone. Ambrx will receive $24 million up front and is eligible for milestones and royalties. ...