(RTTNews) - Biopharmaceutical company Avidity Biosciences, Inc. (RNA) announced Tuesday a global licensing and research collaboration with Bristol Myers Squibb (BMY) focused on the discovery, development and commercialization of multiple cardiovascular targets with potential cumulative payments of up to $2.3 billion.
Avidity will receive $100 million up front with the potential to receive up to $2.2 billion in milestone payments and up to low double-digit royalties. Bristol Myers Squibb will fund all future clinical development, regulatory and commercialization activities coming from this collaboration
The collaboration is designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics. This strategic collaboration broadens the existing relationship with Bristol Myers Squibb.
