Big Pharma Bristol-Myers Returns $475M IL-12 Oncology Asset To Dragonfly

Bristol-Myers Squibb & Co BMY has returned the exclusive rights to Dragonfly Therapeutics' IL-12 oncology candidate.
In 2020, BMS handed out $475 million in near-term and upfront payments deal to license the interleukin-12 (IL-12) immunotherapy program, dubbed DF6002.
The therapy is currently being assessed in a phase 1/2 trial in patients with various solid tumors as a monotherapy and combination with BMS' cancer blockbuster Opdivo (Nivolumab).
According to the press release, BMS is still conducting clinical development for DF6002, but Dragonfly is set to take over in the coming weeks.
Dragonfly now holds all the rights for the IL12 cytokine—the most advanced drug in Dragonfly's cytokine pipeline.
Last month, Bristol-Myers Squibb exercised its option to enter into an exclusive license for a sixth TriNKET Immunotherapy drug candidate with Dragonfly Therapeutics.
The announcement marks the first TriNKET opt-in outside of oncology.
Dragonfly will receive a $25 million payment and is eligible for potential future milestones and royalties on net sales.
Price Action: BMY shares are down 0.18% at $74.32 on the last check Monday.