Bristol-Myers Squibb Company (BMY - Free Report) expanded its existing manufacturing agreement with Samsung BioLogics. As per the new deal, Samsung will be manufacturing several biologic medicines for Bristol-Myers at its manufacturing site in Incheon, South Korea. The companies did not reveal any financial details of the deal.
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In July last year, Bristol-Myers and Samsung had entered into a 10-year agreement. As per the initial deal, Samsung had to manufacture a single oncology product for Bristol-Myers. The deal aimed at strengthening Bristol-Myers’ oncology pipeline.
Bristol-Myers has inked a number of partnerships over the last few months. Last month, Bristol-Myers entered into a deal with Five Prime Therapeutics, Inc. (FPRX - Free Report) for the discovery, development and commercialization of immuno-oncology treatments. Under the terms of the deal, Bristol-Myers will have a 4.9% stake in Five Prime shares through an investment of $21 million.
The deal grants Bristol-Myers access to Five Prime’s immuno-oncology platform. Bristol-Myers is also responsible for identifying the most promising candidates which will be developed either as monotherapies or in combination with Bristol-Myers’ existing immuno-oncology treatments based on two undisclosed immune checkpoint pathways. Furthermore, the deal grants Bristol-Myers full worldwide rights to market these therapies on approval.
We are encouraged by Bristol-Myers’ collaboration efforts with other companies to advance its pipeline. Bristol-Myers has been trying to offset the declining sales of some of its important products by bringing in new products through in-licensing deals. The company has sold off its global diabetes business to AstraZeneca (AZN - Free Report) earlier in the year to shift its focus on its oncology, immunology and other existing portfolios.
Bristol-Myers carries a Zacks Rank #2 (Hold). A better-ranked stock includes Regeneron Pharmaceuticals, Inc. (REGN - Free Report) , which carries a Zacks Rank #1 (Strong Buy).