Dragonfly expands beyond existing collaboration with Bristol Myers Squibb in oncology and autoimmune disease to develop drug candidates against multiple targets using its proprietary platform in new therapeutic areas
WALTHAM, Mass., July 6, 2020 /PRNewswire/— Dragonfly Therapeutics, Inc. ("Dragonfly"), today announced a new research collaboration with Bristol Myers Squibb to discover and develop Dragonfly's novel immunotherapies for multiple sclerosis and neuro-inflammation targets.
Under the agreement, Dragonfly will grant Bristol Myers Squibb the option to license exclusive worldwide intellectual property rights to multiple candidates developed using Dragonfly's proprietary platform for multiple new targets. Bristol Myers Squibb will pay Dragonfly a $55 million upfront payment, and Dragonfly will be eligible to receive additional payments associated with development, regulatory and sales milestones, as well as potential royalties on sales of approved products.
"We are pleased to expand our research collaboration with Dragonfly in new therapeutic areas, beyond oncology and autoimmune diseases to include multiple sclerosis and neuro-inflammation, and to work with the team to develop drug candidates that may result in new therapies for patients," said Richard Hargreaves, Senior Vice President, Neuroscience, Bristol Myers Squibb.
"Bristol Myers Squibb was our first partner and their team has been spectacular to work with. We are eager to move together into completely novel indications for our platform and inspired about the opportunity to help patients with multiple sclerosis and neuro-inflammatory diseases," said Bill Haney, Co-founder and CEO of Dragonfly Therapeutics.
About Dragonfly Dragonfly Therapeutics is committed to discovering, developing and commercializing therapies that use its novel TriNKET™ technology to harness the body's innate immune system to bring breakthrough treatments to patients.