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BMS licenses Five Prime's CSF1R program
October 16, 2015 2:24 AM UTC
Five Prime Therapeutics Inc. (NASDAQ:FPRX) jumped $11.02 (65%) to $27.93 on Thursday after it granted Bristol-Myers Squibb Co. (NYSE:BMY) an exclusive, worldwide license to its colony stimulating factor 1 receptor ( CSF1R; CD115) antibody program, including clinical candidate FPA008. The deal replaces a 2014 agreement to test FPA008 in combination with BMS's Opdivo nivolumab (see BioCentury Extra, Nov. 24, 2014).
Five Prime will receive $350 million up front. It is eligible for $1.05 billion in milestones per CSF1R product for oncology indications, including $505 million for combinations with Opdivo, plus $340 million in milestones for non-oncology indications. Five Prime is eligible for double-digit royalties. ...