Genetics Institute, Bristol-Myers deal

Bristol-Myers (Princeton, N.J.) will develop GENIZ's recombinant novel plasminogen activator (rNPA).

Bristol-Myers will conduct Phase II studies of the thrombolytic, a modified form of tissue plasminogen activator (tPA). If the pharma company continues development of the product beyond Phase II, Bristol-Myers will pay the Cambridge, Mass., company $15 million over the next two years in exchange for worldwide manufacturing and marketing rights to rNPA, except in Japan, China, South Korea and Taiwan. GENIZ will earn a staged royalty up to 15 percent. ...