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Bristol-Myers, PsiOxus Ink Deal for Oncolytic Virus Therapy
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Bristol-Myers Squibb Company (BMY - Free Report) announced that it has entered into an agreement with PsiOxus Therapeutics, Ltd., under which it will gain exclusive worldwide rights to the latter’s “armed” oncolytic virus candidate NG-348, currently in pre-clinical development, for the treatment of solid tumors.
Bristol-Myers’ year-to-date share price movement shows that the stock has underperformed the Zacks classified Large Cap Pharmaceuticals industry. Specifically, the stock has lost 14% during this period, compared with a drop of 5.4% for the industry.
Coming back to news, the deal will see Bristol-Myers shelling out an upfront payment of $50 million and up to $886 million to PsiOxus in development, regulatory and sales-based milestones plus royalties on net sales. Bristol-Myers will also be responsible for global clinical development of NG-348, along with commercialization activities related to the candidate in addition to providing PsiOxus funds in support of activities related to pre-clinical development.
We note that this marks the second collaboration between the two companies. This June, Bristol-Myers and PsiOxus entered into an exclusive clinical collaboration agreement to study the latter’s systemically administered “unarmed” oncolytic adenovirus therapeutic, enadenotucirev, in combination with Bristol-Myers’ immuno-oncology drug Opdivo, for the treatment of a range of tumor types in late-stage cancer patients.
We are positive on the latest deal. The goal is to study the role of oncolytic viruses in enhancing checkpoint blockade across multiple types of cancer in the tumor microenvironment, thereby creating new treatment options for cancer patients.
We note that in Oct 2015, Amgen Inc. (AMGN - Free Report) had gained FDA approval for the first oncolytic virus therapy, Imlygic (talimogene laherparepvec), for the treatment of melanoma lesions in the skin and lymph nodes.
Note that Bristol-Myers has been quite active on the deal-making and acquisitions fronts, particularly in the immuno-oncology space. The company is looking to expedite the development of its pipeline, which will help bring transformational immunotherapies to market.
Bristol-Myers carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the health care sector include Arbutus Biopharma Corporation (ABUS - Free Report) and Athersys, Inc. . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Athersys’ loss estimates narrowed from 23 cents to 18 cents for 2016 while that for 2017 remained unchanged over the last 60 days. The company posted a positive surprise in all of the four trailing quarters with an average beat of 110.52%. Its share price has gained 58% year to date.
Arbutus’ loss estimates narrowed from $2.15 to $1.71 for 2016 and from $1.96 to $1.46 for 2017 over the last 60 days. The company posted positive surprises thrice in the four trailing quarters with an average beat of 59.31%.
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Bristol-Myers, PsiOxus Ink Deal for Oncolytic Virus Therapy
Bristol-Myers Squibb Company (BMY - Free Report) announced that it has entered into an agreement with PsiOxus Therapeutics, Ltd., under which it will gain exclusive worldwide rights to the latter’s “armed” oncolytic virus candidate NG-348, currently in pre-clinical development, for the treatment of solid tumors.
Bristol-Myers’ year-to-date share price movement shows that the stock has underperformed the Zacks classified Large Cap Pharmaceuticals industry. Specifically, the stock has lost 14% during this period, compared with a drop of 5.4% for the industry.
Coming back to news, the deal will see Bristol-Myers shelling out an upfront payment of $50 million and up to $886 million to PsiOxus in development, regulatory and sales-based milestones plus royalties on net sales. Bristol-Myers will also be responsible for global clinical development of NG-348, along with commercialization activities related to the candidate in addition to providing PsiOxus funds in support of activities related to pre-clinical development.
We note that this marks the second collaboration between the two companies. This June, Bristol-Myers and PsiOxus entered into an exclusive clinical collaboration agreement to study the latter’s systemically administered “unarmed” oncolytic adenovirus therapeutic, enadenotucirev, in combination with Bristol-Myers’ immuno-oncology drug Opdivo, for the treatment of a range of tumor types in late-stage cancer patients.
We are positive on the latest deal. The goal is to study the role of oncolytic viruses in enhancing checkpoint blockade across multiple types of cancer in the tumor microenvironment, thereby creating new treatment options for cancer patients.
We note that in Oct 2015, Amgen Inc. (AMGN - Free Report) had gained FDA approval for the first oncolytic virus therapy, Imlygic (talimogene laherparepvec), for the treatment of melanoma lesions in the skin and lymph nodes.
Note that Bristol-Myers has been quite active on the deal-making and acquisitions fronts, particularly in the immuno-oncology space. The company is looking to expedite the development of its pipeline, which will help bring transformational immunotherapies to market.
BRISTOL-MYERS Price and Consensus
BRISTOL-MYERS Price and Consensus | BRISTOL-MYERS Quote
Zacks Rank & Key Picks
Bristol-Myers carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the health care sector include Arbutus Biopharma Corporation (ABUS - Free Report) and Athersys, Inc. . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Athersys’ loss estimates narrowed from 23 cents to 18 cents for 2016 while that for 2017 remained unchanged over the last 60 days. The company posted a positive surprise in all of the four trailing quarters with an average beat of 110.52%. Its share price has gained 58% year to date.
Arbutus’ loss estimates narrowed from $2.15 to $1.71 for 2016 and from $1.96 to $1.46 for 2017 over the last 60 days. The company posted positive surprises thrice in the four trailing quarters with an average beat of 59.31%.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>