Bristol-Myers Squibb Co. secured exclusive worldwide rights to PsiOxus Therapeutics Ltd.'s NG-348, a preclinical stage oncolytic virus for the potential treatment of solid tumors.
The deal is subject to clearance under the Hart-Scott-Rodino Act.
Bristol-Myers will make a $50 million up-front payment to PsiOxus for the rights and will be solely responsible for global clinical development and commercialization activities for the treatment. The company will also provide PsiOxus funding to support activities related to the preclinical development of the therapy.
PsiOxus is also eligible to receive up to $886 million in development, regulatory and sales-based milestones, as well as royalties on net sales.
Oncolytic virus therapy utilizes modified viruses such as the adenovirus that selectively replicate within tumor cells and not within normal tissue. Such viruses stimulate an inflammatory response in the tumor microenvironment, resulting in the accumulation of tumor infiltrating lymphocytes.