Story excerpt provided by Crain’s Cleveland Business.
Written by Chuck Soder.
Bristol-Myers Squibb has acquired exclusive rights to the cancer drugs being developed by a spinoff of Shaker Heights-based BioMotiv.
And it could end up paying handsomely for those rights.
The New York-based pharmaceutical company will pay the spinoff, Dual Therapeutics, an undisclosed upfront fee and help the company cover development costs. Dual Therapeutics also will receive additional payments if it hits development milestones — payments that could add up to $255 million if the company is able to produce a compound that works on multiple forms of cancer. Dual Therapeutics also could receive royalties on future sales.
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Originally published January 8, 2016.