Prime Medicine announces collaboration, license agreement with Bristol Myers

Prime Medicine (PRME) announced a strategic research collaboration and license agreement with Bristol Myers Squibb (BMY) to develop reagents for the next generation of ex vivo T-cell therapies. Under the terms of the agreement, Prime Medicine will design optimized Prime Editor reagents for a select number of targets, including reagents that use its Prime Assisted Site-Specific Integrase Gene Editing technology. Bristol Myers Squibb will be responsible for development, manufacturing and commercialization of the next generation cell therapies, with support from Prime Medicine in gene editing strategy and reagent development. “We are excited to collaborate with Bristol Myers Squibb, a global leader in cell therapy for hematology, immunology, and oncology. Through this effort, we will apply our Prime Editing technology beyond the rare genetic diseases in our internal pipeline, potentially unlocking opportunities in areas of high unmet needs in immunological diseases and cancer,” said Keith Gottesdiener, M.D., President and CEO of Prime Medicine. Under the terms of the agreement, Prime Medicine will receive a $55M upfront payment and a $55M equity investment from Bristol Myers Squibb. Prime Medicine is also eligible to receive more than $3.5B in milestones, including up to $1.4 billion in development milestones and more than $2.1B in commercialization milestones, along with royalties on net sales.