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Bristol Myers Enters Into Collaboration For Eisai's MORAb-202 Antibody Drug Conjugate

Bristol-Myers Squibb Co. (BMY) and Eisai Co., Ltd. have reached a strategic collaboration agreement for the co-development and co-commercialization of MORAb-202, an antibody drug conjugate or ADC.

As per the financial terms of the deal, Bristol Myers Squibb will pay $650 million to Eisai including $200 million as payment toward Eisai research and development expenses. Eisai is also entitled to receive up to $2.45 billion in potential future development, regulatory, and commercial milestones.

The companies will share profits, research and development and commercialization costs in the collaboration territories and Bristol Myers Squibb will pay Eisai a royalty on sales outside of the collaboration territories.

Eisai is expected to book sales of MORAb-202 in Japan, China, countries in the Asia-Pacific region, Europe and Russia. Bristol Myers Squibb is expected to book sales of MORAb-202 in the United States and Canada.

MORAb-202 is Eisai's first ADC and combines Eisai's in house developed anti-folate receptor alpha (FRa) antibody, and Eisai's anticancer agent eribulin, using an enzyme cleavable linker. It is a potential best-in-class FRa ADC with a favorable pharmacology profile and demonstrated single agent activity in patients with advanced solid tumors.

Eisai is currently investigating MORAb-202 in FRa-positive solid tumors (inclusive of endometrial, ovarian, lung and breast cancers) in two studies: a Phase 1 clinical study in Japan and a Phase 1/2 clinical study in the United States. The companies are planning to move into the registrational stage of development for the asset as early as next year.

As per the deal, Eisai and Bristol Myers Squibb will jointly develop and commercialize MORAb-202 in the following collaboration territories: Japan; China; countries in the Asia-Pacific region; the United States; Canada; Europe, including the European Union and the United Kingdom; and Russia.

Bristol Myers Squibb will be solely responsible for developing and commercializing the drug in regions outside of the collaboration territories. Eisai will remain responsible for the manufacturing and supply of MORAb-202 globally.

In a separate press release, Bristol Myers Squibb declared a quarterly dividend of $0.49 per share on the $.10 par value common stock of the company. The dividend is payable on August 2, 2021 to stockholders of record at the close of business on July 2, 2021.

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