Under an agreement disclosed today, Bristol-Myers Squibb, of New Jersey, will provide $30 million over three years to Adnexus, consisting of up-front and guaranteed research payments; Adnexus is also eligible for additional payments when certain regulatory milestones are reached.
The companies said they will focus on Adnexus’s Adnectin-based therapeutics.
The company derives Adnectins from a protein that naturally occurs in humans.
According to Adnexus, such protein therapeutics represent the fastest-growing segment of the biopharmaceutical market. These drugs are designed to attack targets underlying serious medical conditions.
(By Chris Reidy, Globe staff)