Bristol Myers, BioNTech in $11.1B Cancer Drug Deal

Bristol Myers Squibb and BioNTech have formed a partnership worth up to $11.1 billion to co-develop and commercialize BNT327, a next-generation cancer drug targeting PD-L1 and VEGF-A proteins. The agreement includes a $1.5 billion upfront payment, $2 billion in non-contingent anniversary payments through 2028, and up to $7.6 billion in development, regulatory, and commercial milestone payments. Both companies will share global profits, losses, and development costs equally and retain rights to independently develop BNT327 for additional indications and combinations. BNT327 is currently being evaluated in Phase 3 trials as a first-line treatment for extensive-stage small-cell and non-small-cell lung cancer, with over 1,000 patients treated so far. The collaboration follows Pfizer's recent $6 billion deal with 3SBio for a similar approach, underscoring increased competition in cancer immunotherapy. The partnership aims to accelerate clinical trials, expand indications, and strengthen both firms' positions in the oncology market.