Medarex, BMY melanoma deal

MEDX and Bristol-Myers (BMY) partnered to develop MEDX's MDX-010 anti- CTLA-4 antibody and MDX-1379 gp100 peptide vaccine to treat melanoma. MDX-010 is in Phase III testing for metastatic melanoma and in Phase II testing for other tumor types. MDX-1379 is in development as an adjuvant to MDX-010. The companies will share development costs in the U.S. and Europe. BMY will be responsible for all development outside of these territories. The companies also will jointly develop MDX-010 in additional tumor types.

MEDX will receive an upfront payment of $50 million, including the purchase of $25 million in MEDX stock at a premium to the market price. MEDX could receive up to $205 million in regulatory milestones, and up to $275 million in sales milestones. MEDX has an option to co-promote and share profits in the U.S., while BMY will have exclusive rights outside the U.S. MEDX is eligible for royalties on ex-U.S. sales. ...