07:24 AM EDT, 06/02/2025 (MT Newswires) -- BioNTech (BNTX) and Bristol Myers Squibb ( BMY ) said Monday they have agreed to co-develop and co-commercialize BNT327, an investigational bispecific therapy across various solid tumor types.

Bristol Myers Squibb ( BMY ) will make a $1.50 billion upfront payment and $2 billion in non-contingent anniversary payments through 2028, the companies said, adding that BioNTech will also be eligible to receive up to $7.60 billion in additional development, regulatory and commercial milestones.

BioNTech's BNT327 is being assessed in various ongoing trials, including global phase 3 trials with a focus on BNT327 as a first-line treatment in extensive stage small cell lung cancer and non-small cell lung cancer, the companies said.

A phase 3 study of the investigational treatment in triple negative breast cancer is scheduled to begin by the end of this year, they added.

BioNTech shares were up nearly 15% in Monday's premarket activity.