Closely-held Repare Therapeutics inked an exclusive, worldwide research collaboration with Bristol Myers Squibb (NYSE:BMY).
Under the accord, the companies will leverage Repare’s CRISPR-enabled genome-wide synthetic lethal target discovery platform, SNIPRx, to jointly identify multiple synthetic lethal precision oncology targets for drug candidates.
Repare will grant Bristol exclusive worldwide rights to develop and commercialize therapeutics for select validated synthetic lethal precision oncology targets discovered under the collaboration.
In addition, Bristol will make an upfront payment of $65-million, which includes a $15-million equity investment in Repare, and Repare will be eligible to receive up to some $3-billion in license fees, discovery, development, regulatory and sales-based milestones, in addition to royalty payments on net sales of each product commercialized by Bristol.
“This collaboration will help to ensure that our novel discoveries are being broadly prosecuted in the search for the next generation of precision oncology medicines,” Lloyd Segal, president and CEO of Repare, said in a statement.
“Bristol Myers Squibb brings key strategic capabilities to this partnership and the resources to maximize our platform’s potential while allowing us to independently focus on our proprietary clinical and near-clinical programs.”
Rupert Vessey, EVP, research and early development for Bristol, said Repare’s distinctive team and technology have the potential to lead to the discovery of important targeted drug candidates that can result in new precision therapies for patients.
