Bristol-Myers Squibb, a big pharma company, biopharma partners with Quintiles, selecting the CRO giant to handle global central lab services for its pipeline treatments.
The 5-year partnering deal also tasks Quintiles with biomarker testing and assay development, the company said, adding to the CRO's all-star roster of partners in Big Pharma.
Neither of the biopharma partners is discussing financial terms or getting into specifics about which therapeutic areas the partnership will cover, but the deal comes as Bristol-Myers Squibb prepares to spend $250 million to ramp up its R&D efforts, expanding biologics manufacturing and hiring 350 workers.
As for Quintiles, this is the first bit of officially released news from the CRO since it announced plans to go public in February. Since filing with the SEC, the company has been silent on just how many shares it intends to offer, listing a $600,000 million IPO that could well increase as it moves through the process.
For further deal information visit Current Agreements (subscription required)
Read: more on BMS company profile, recent partnering, M&A and financing news and articles
Report: Partnering Deals and Alliances with Bristol-Myers Squibb
Related report: Partnering Deals and Alliances with Big Pharma
View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value
View: Top 50 pharma – overview of top 50 pharmaceutical companies by revenue – partnering activity, deal news, partnering dealtalk
View:Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making
View:Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity