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Big Pharma Bristol-Myers Returns $475M IL-12 Oncology Asset To Dragonfly – Bristol-Myers Squibb (NYSE:BMY)

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  • Bristol-Myers Squibb & Co BMY has returned the exclusive rights to Dragonfly Therapeutics‘ IL-12 oncology candidate.
  • In 2020, BMS handed out $475 million in near-term and upfront payments deal to license the interleukin-12 (IL-12) immunotherapy program, dubbed DF6002. 
  • The therapy is currently being assessed in a phase 1/2 trial in patients with various solid tumors as a monotherapy and combination with BMS’ cancer blockbuster Opdivo (Nivolumab).
  • According to the press release, BMS is still conducting clinical development for DF6002, but Dragonfly is set to take over in the coming weeks.
  • Dragonfly now holds all the rights for the IL12 cytokine—the most advanced drug in Dragonfly’s cytokine pipeline. 
  • Last month, Bristol-Myers Squibb exercised its option to enter into an exclusive license for a sixth TriNKET Immunotherapy drug candidate with Dragonfly Therapeutics.
  • The announcement marks the first TriNKET opt-in outside of oncology.
  • Dragonfly will receive a $25 million payment and is eligible for potential future milestones and royalties on net sales.
  • Price Action: BMY shares are down 0.18% at $74.32 on the last check Monday.

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