SystImmune hits $250 million milestone as Bristol Myers backs pivotal study

US biotech SystImmune has treated the first patient in its pivotal IZABRIGHT-Breast01 trial, a Phase II/III study of izalontamab brengitecan (iza-bren) in untreated triple negative breast cancer patients ineligible for PD-(L)1 therapy. The event triggered a $250 million payment from partner Bristol Myers Squibb (NYSE: BMY).

The 2023 agreement allows for a further $250 million in near-term milestones and up to $7.1 billion linked to development, regulatory and commercial targets. The collaboration bolsters SystImmune’s finances as it advances iza-bren, a dual-targeting ADC that acts on EGFR and HER3, in partnership with Bristol Myers Squibb outside China.

Market outlook