Bristol Myers, Terray Therapeutics announce multi-target collaboration

Terray Therapeutics announced a multi-target collaboration agreement with Bristol Myers Squibb to discover and develop small molecule therapeutics in certain disease areas. Under the terms of the agreement, Terray will discover and develop small molecule compounds against a set of targets nominated by Bristol Myers Squibb using the Terray tNova platform, with Bristol Myers Squibb subsequently assuming responsibility for development and commercialization. Terray will receive an upfront payment and is eligible to receive milestone payments associated with the achievement of preclinical, clinical, and sales milestones as well as tiered royalties on net sales of products commercialized by Bristol Myers Squibb in connection with the collaboration.