Bristol-Myers granted exclusive license by Ono Pharma to develop ONO-4578
Bristol-Myers and Ono Pharmaceutical announced an agreement that grants Bristol-Myers Squibb an exclusive license for the development and commercialization of ONO-4578, Ono's selective Prostaglandin E2 receptor 4 antagonist. The companies will also collaborate on discovery efforts to identify additional compounds from Ono's PGE2 receptor antagonist programs. Under the terms of the agreement, Bristol-Myers Squibb will make an upfront payment of $40M to Ono. Bristol-Myers Squibb will be solely responsible for the development, manufacturing and commercialization of ONO-4578 as well as other PGE2 receptor antagonist products in all countries of the world except Japan, South Korea, Taiwan, China and Association of Southeast Asian Nations countries. Ono is eligible to receive subsequent clinical, regulatory and sales-based milestone payments, as well as royalties in these countries where Bristol-Myers Squibb has exclusive license. In Japan, South Korea and Taiwan, Bristol-Myers Squibb and Ono will partner on the development and commercialization under the companies' existing collaboration agreement, while in China and ASEAN countries, Ono will retain exclusive rights.