Summit Signs Technology License Deal With Bristol-Myers Squibb

9/11/2012 3:10 AM ET

UK-based drug company Summit Corp plc. (SUMM.L) Tuesday said it entered into a technology-license agreement with Bristol-Myers Squibb. Summit's Seglin technology, which develops drug candidates for up to ten targets across multiple therapeutic areas, is of interest to Squibb, which will pay a $100 thousand technology access fee plus regulatory milestones of up to $30 million per product synthesized to Summit.

Bristol-Myers Squibb shall take responsiblity for the discovery stage of the research and have exclusive rights to develop and commercialize all Seglin products identified, said Summit in a statement.

The stock is currently trading at 2.50 pence, up 0.13 pence or 5.26 percent on the LSE.

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