07:43 AM EDT, 09/30/2024 (MT Newswires) -- Prime Medicine ( PRME ) said Monday that it has entered into a strategic research collaboration and license agreement with Bristol Myers Squibb ( BMY ) to develop reagents for the next generation of ex vivo T-cell therapies.

The company said it will receive a $55 million upfront payment and a $55 million equity investment from Bristol Myers Squibb ( BMY ), and will also be eligible to receive over $3.5 billion in milestones.

Prime Medicine ( PRME ) will design optimized Prime Editor reagents for a select number of targets, while Bristol Myers Squibb ( BMY ) will be responsible for the development, manufacturing, and commercialization of the next-generation cell therapies, the company said.

Prime Medicine's ( PRME ) share price jumped almost 14% in recent Monday premarket activity.

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