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Schrödinger Up 10% On Tie-up With Bristol Myers

Schrödinger, Inc. (SDGR) shares are gaining on Monday morning as the software platform announced a multi-year discovery collaboration with Bristol Myers Squibb Co. (BMY) for multiple disease areas.

As per the agreement, Schrödinger will be responsible for the discovery of development candidates and Bristol Myers Squibb will then be responsible for the development, manufacturing, and commercialization of the candidates.

Bristol Myers Squibb will pay Schrödinger $55 million upfront, and up to $2.7 billion on regulatory and sales milestone payments. Additionally, Schrödinger is entitled to receive royalties on net sales.

Currently, SDGR is at $67.14, up 10.79 from its previous close of $60.60. For the 52-week period, shares have traded in a range of $25.50 to $99.50 on average volume of 1,259,678.

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