Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
Breaking News
Bristol Myers to pay bluebird $200 million for future royalties on cancer therapies
© Reuters.
(Reuters) - Bluebird bio Inc (O:BLUE) said on Monday Bristol Myers Squibb Co (N:BMY) would give it a one-time payment of $200 million to buy out obligations for future royalties on sales outside the United States of two cancer therapies being developed by them.
The revised deal will provide bluebird capital without having to tap equity markets that have been hammered by the coronavirus outbreak.
The treatments, ide-cel and bb21217, are part of a class of drugs called CAR-T therapies that involve drawing white blood cells from a patient, processing them to target cancer cells, and infusing them back into the patient.
The companies will continue to equally share profits and losses in the United States, bluebird said.
Separately, bluebird reported a first-quarter net loss of $202.6 million compared with a loss of $164.4 million a year ago, and unveiled a business review to extend its cash runway into 2022 as the COVID-19 pandemic causes future uncertainty.
The company also said it was going to reduce the investment in building a U.S. commercial organization, and that its Chief Executive Officer Nick Leschly will decline nearly 100% of his salary for the next 12 months.
Shares of bluebird were up 8% at $64.40 before the bell, while Bristol Myers shares were down 1% at $60.36.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.