NEW YORK (AP) -- Bristol-Myers Squibb has reached an agreement that could be worth up to $286 million to buy exclusive worldwide rights to develop, make and sell a potential HIV treatment in mid-stage testing by Oncolys BioPharma Inc.
Oncolys, a privately held Japanese company, will receive upfront, development, regulatory and sales milestone payments, Bristol said Monday. It also could receive royalties on worldwide product sales.
The drug, festinavir, is a next-generation nucleoside reverse transcriptase inhibitor. The companies said early studies show festinavir may be safer than previous generations of drugs.
Shares of Bristol-Myers Squibb Co. climbed 4 cents to $26.53 at the start of trading Monday.
Oncolys, a privately held Japanese company, will receive upfront, development, regulatory and sales milestone payments, Bristol said Monday. It also could receive royalties on worldwide product sales.
The drug, festinavir, is a next-generation nucleoside reverse transcriptase inhibitor. The companies said early studies show festinavir may be safer than previous generations of drugs.
Shares of Bristol-Myers Squibb Co. climbed 4 cents to $26.53 at the start of trading Monday.
