Under terms of the agreement, Ambrx will receive an upfront payment of $15 million, funding for discovery and research activities, and potential development, regulatory and sales based milestone payments of up to $97 million per product resulting from the collaboration.
Bristol-Myers Squibb will receive worldwide rights to develop and commercialize products resulting from the collaboration, and Ambrx is eligible to receive royalties on net sales.
Ambrx and Bristol-Myers Squibb were biopharma partners in September 2011 to research, develop and commercialize biologics created with Ambrx's protein medicinal chemistry technology.
These therapeutic candidates, which target the Fibroblast Growth Factor 21 (FGF-21) protein for the potential treatment of type 2 diabetes, and the Relaxin hormone for the potential treatment of heart failure, are being developed by Bristol-Myers Squibb.
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