Prime Medicine and Bristol Myers Squibb Enter $3.5 Billion T-Cell Therapy Collaboration with $110M Upfront

Sep 30, 2024, 12:38 PM

Prime Medicine has entered into a strategic research collaboration and license agreement with Bristol Myers Squibb to develop and commercialize multiple Prime Edited Ex Vivo T-Cell Therapies. Prime Medicine will receive $110 million upfront, consisting of $55 million in cash and $55 million in equity, with the potential for more than $3.5 billion in milestone payments. The milestone payments include $1.4 billion in development milestones and $2.1 billion in commercialization milestones. The equity investment involves approximately 11 million shares at $4.99 per share. This collaboration aims to leverage Prime Medicine's gene editing expertise and Bristol Myers Squibb's cell therapy capabilities.