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Bristol-Myers gets exclusive license to Ono Pharmaceutical antitumor compound

Bristol-Myers Squibb Co. acquired an exclusive license to Ono Pharmaceutical Co. Ltd.'s antitumor compound ONO-4578 for $40 million up front.

Under the companies' agreement, Bristol-Myers will be solely responsible for the development, manufacturing and commercialization of ONO-4578 and other PGE2 receptor antagonist products. The license covers all countries except Japan, South Korea, Taiwan, China and those in the Association of Southeast Asian Nations.

Additionally, the Japanese pharmaceutical company can receive subsequent clinical, regulatory and sales-based milestone payments, as well as royalties in countries where Bristol-Myers Squibb has exclusive license.

The companies also agreed to collaborate on discovery efforts to identify additional compounds from Ono Pharmaceutical's receptor antagonist programs.

Preclinical data showed ONO-4578 may have an anti-tumor effect by improving immunosuppressive tumor microenvironment. A phase 1 trial of the compound is currently underway in Japan.