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Baili Tianheng Unit to Receive $250 Million Milestone Payment From Bristol Myers Squibb
Summary
The payment was triggered after the partnered cancer drug candidate, BL-B01D1, met a key objective in its global Phase III pivotal clinical trial, according to a company announcement.
Baili Tianheng (SHA: 688506) announced that its wholly-owned subsidiary, SystImmune, Inc., has triggered a $250 million milestone payment from Bristol Myers Squibb (NYSE: BMY). The payment is part of an ongoing exclusive license and collaboration agreement between the two companies for an investigational cancer therapy.
Clinical Trial Progress
The payment condition was met after their partnered drug candidate, BL-B01D1 (iza-bren), achieved a specified milestone in its global Phase III pivotal clinical trial, named IZABRIGHT-Lung02. According to the filing, SystImmune is expected to receive the funds in the near future, with the final amount subject to deductions for bank processing fees.
Details of the Partnership
AdThis marks the second major milestone payment to SystImmune under the collaboration agreement with Bristol Myers Squibb. The partnership grants BMS an exclusive license for the development and commercialization of the BL-B01D1 program.
Under the terms of the deal, SystImmune remains eligible for substantial future payments. The company could receive up to an additional $7.1 billion if certain development, regulatory, and sales-based milestones are met. However, Baili Tianheng noted that these future payments are contingent on meeting specific conditions and are not guaranteed.
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