BMS Inks Deal With Five Prime

In a bid to expand its immuno-oncology pipeline, Bristol-Myers Squibb has teamed with Five Prime Therapeutics to develop therapies to modulate targets in two immune checkpoint pathways. The South San Francisco-based biotech firm scores $20 million up front and up to $9.5 million in research funding. BMS will also pay roughly $21 million to take a 4.9% stake in Five Prime, which could get another $300 million in milestones as immunotherapies wind through development. BMS wants to establish a dominant position in immuno-oncology, a field Leerink Swann analysts forecast will bring in $29 billion in annual sales by 2025.