NEW YORK (AP) -- Drug developers Bristol-Myers Squibb Co. and Simcere Pharmaceutical Group said Wednesday they will develop a potential cancer treatment.
Financial details of the deal were not disclosed.
Under the deal, the companies will develop BMS-817378, which is still in the laboratory stage of development. Simcere, based in China, receives exclusive rights to develop and sell the product in China while New York-based Bristol-Myers Squibb retains exclusive rights in all other markets.
Shares of Bristol-Myers fell 29 cents to $26.61 in afternoon trading. Shares of Simcere rose 13 cents to $9.88 in afternoon trading.
Financial details of the deal were not disclosed.
Under the deal, the companies will develop BMS-817378, which is still in the laboratory stage of development. Simcere, based in China, receives exclusive rights to develop and sell the product in China while New York-based Bristol-Myers Squibb retains exclusive rights in all other markets.
Shares of Bristol-Myers fell 29 cents to $26.61 in afternoon trading. Shares of Simcere rose 13 cents to $9.88 in afternoon trading.
