Bristol Myers Squibb has entered a global licensing and research partnership with Avidity Biosciences to advance antibody oligonucleotide conjugates (AOCs) for cardiovascular targets, with potential payments reaching $2.3 billion.
California-based Avidity will receive an upfront payment of $100 million, including $60 million in cash and the purchase of $40 million of Avidity common stock. Additionally, Avidity is eligible for milestone payments totaling up to $2 billion and tiered royalties on net sales. BMS will fund all future activities related to the collaboration.
AOCs combine monoclonal antibodies' specificity with oligonucleotide therapies' precision to target previously untreatable diseases. Avidity's internal pipeline includes rare skeletal and cardiac muscle diseases, for which its currently advancing three phase 1/2 programs for rare diseases in the clinic.
This partnership builds on Avidity's 2021 research collaboration with MyoKardia, which was picked up by BMS in 2020 through a $13.1 billion deal designed to bolster BMS' cardiovascular franchise. The initial partnership was designed to demonstrate the potential utility of AOCs in cardiac tissue.