Innate inks cancer drug tie-up with BMS

Innate inks cancer drug tie-up with BMS
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Shares in the small French biotech firm Innate shot up 70 percent on Thursday after it reached a deal with Bristol-Myers Squibb over a new anti-cancer compound.

Bristol-Myers Squibb will get exclusive worldwide rights to develop, manufacture and commercialise the anti-body.

There will be initial funding of almost 25 million euros and additional payments of up to 300 million euros depending on how the drug pans out.

“The amounts of the deal are quite significant compared to Innate’s size,” Bryan Garnier analyst Sebastien Malafosse said.

He added: “BMS’s know-how will accelerate the product’s development and we think this announcement reinforces the stock’s attractiveness and visibility.”

Innate Pharma stock was among the top gainers on Euronext in Paris, with the increased value of the shares giving the company a market value of around 84 million euros.

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