04:16 AM EDT, 06/11/2025 (MT Newswires) -- Bristol-Myers Squibb ( BMY ) subsidiary RayzeBio and Philogen Group unit Philochem said late Tuesday they reached a deal for Philochem to exclusively license the worldwide rights to develop, manufacture and commercialize OncoACP3, a drug candidate for prostate cancer, to RayzeBio.

Under the terms of the agreement, Philochem will receive an up-front payment of $350 million and up to $1 billion in development, regulatory and commercial milestones payouts, the companies said.

Philochem will also receive mid-single to low double-digit royalties on global sales for both therapeutic and diagnostic agents of OncoACP3, the companies said.

The deal is expected to close in Q3.

OncoACP3 is under evaluation in a phase 1 trial that has yielded "promising" initial results, the companies said.