Bristol Myers punts up to $8.4 billion on another ADC candidate

Adding to the string of companies seeking to expand into the attractive antibody-drug conjugates (ADCs) space, Bristol Myers Squibb (NYSE: BMY) has announced an exclusive license and collaboration agreement for US clinical-stage biotech SystImmune’s BL-B01D1, a potentially first-in-class EGFRxHER3 bispecific ADC.

Under the terms of the agreement, the companies will jointly develop and commercialize BL-B01D1 in the USA. The deal adds to the Bristol Meyers’s ADC deal with Germany’s Tubulis in April, and its recent takeover bid for South Korea-based Orum Therapeutics and its ORM-6151 program.