10:49 AM EST, 12/19/2024 (MT Newswires) -- Bristol-Myers Squibb ( BMY ) has signed an exclusive license deal with BioArctic for its PyroGlu-Ab antibody program, according to a statement from BioArctic Thursday.

BioArctic will receive an immediate payment of $100 million and can earn up to $1.25 billion in milestone payments, plus low double-digit royalties on future global sales, the company said.

Under the agreement, Bristol Myers Squibb ( BMY ) will handle the worldwide development and potential commercialization of the antibodies, while BioArctic keeps the option to co-market them in the Nordic region for other therapies, it said.

The agreement covers BioArctic's PyroGlu-Ab antibodies, which focus on a harmful, altered form of amyloid-beta that contributes to the buildup of toxic aggregates linked to Alzheimer's disease, according to the company. The license also includes BAN1503 and BAN2803, which use BioArctic's BrainTransporter technology designed to improve the delivery of treatments to the brain, BioArctic said.

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