07:50 AM EST, 01/13/2025 (MT Newswires) -- Bristol-Myers Squibb Company ( BMY ) has exercised its exclusive license option for ArsenalBio's AB-4000 series as part of the collaboration to advance next-generation T cell therapies for the treatment of solid tumors, Arsenal Biosciences said Monday.

In December 2020, ArsenalBio and Bristol Myers Squibb ( BMY ) formed a multi-program agreement, with AB-4000 series as the lead collaboration program.

In July 2023, Bristol Myers Squibb ( BMY ) signed a limited co-exclusive commercial license deal to leverage ArsenalBio's proprietary TME control technology to potentially increase CAR T therapeutic effects in certain Bristol Myers Squibb ( BMY ) cell therapy products.

ArsenalBio said it remains eligible for milestone payments and royalties on future commercial sales.