Business
Avidity Biosciences Announces Expansion of Cardiovascular Collaboration with Bristol Myers Squibb for up to Five Targets Utilizing Avidity's Proprietary AOC™ Platform Technology
Avidity to receive $100 million up front with the potential to receive up to $2.2 billion in milestone payments and up to low double-digit royalties Global
About this update from Atrium Therapeutics, Inc.
[{"type":"text","content":"Avidity to receive $100 million up front with the potential to receive up to $2.2 billion in milestone payments and up to low double-digit royalties\nGlobal licensing and research collaboration to focus on discovery, development and commercialization of up to five cardiovascular targets leveraging Avidity's proprietary AOC platform technology\nSAN DIEGO, Nov. 28, 2023 /PRNewswire/ -- Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs), today announced a global licensing and research collaboration with Bristol Myers Squibb (NYSE: BMY) focused on the discovery, development and commercialization of multiple cardiovascular targets with potential cumulative payments of up to $2.3 billion. AOCs are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics. This strategic collaboration broadens the reach of AOCs through the expansion of the existing relationship with Bristol Myers Squibb. Avidity continues to advance its internal research and development programs in rare cardiac indications.\n\n \n \n \n \n \n \n\n \nUnder the terms of the agreement, Avidity will receive $100 million upfront, which includes a $60 million cash payment as well as the purchase of approximately $40 million of Avidity common stock at a purchase price of $7.88 per share. Avidity is also eligible to receive up to approximately $1.35 billion in research and development milestone payments, up to approximately $825 million in commercial milestone payments, and tiered royalties up to low double-digits on net sales. Bristol Myers Squibb will fund all future clinical development, regulatory and commercialization activities coming from this collaboration.\n\"We are excited to expand our collaboration with Bristol Myers Squibb, who are world leaders in cardiovascular drug discovery and development. This strategic collaboration solidifies our commitment in cardiology as we continue to advance our own research and development programs in cardiac indications,\" said Sarah Boyce, president and chief executive officer at Avidity. \"We look forward to broadening the utility of the AOC platform to address debilitating dise...