Avidity Biosciences Partners with Bristol Myers Squibb in $2.3B Deal for Cardiovascular RNA Therapeutics, Secures $100M Upfront
Portfolio Pulse from Benzinga Newsdesk
Avidity Biosciences (RNA) has entered into a $2.3 billion collaboration with Bristol Myers Squibb (BMY) to develop RNA therapeutics for cardiovascular diseases. Avidity will receive $100 million upfront, including a $60 million cash payment and $40 million in common stock at $7.88 per share. The deal includes potential payments of up to $1.35 billion for R&D milestones, $825 million for commercial milestones, and royalties on net sales.
November 28, 2023 | 11:45 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Avidity Biosciences has secured a significant partnership with Bristol Myers Squibb, including an upfront payment of $100 million and potential future milestones and royalties.
The partnership with a large pharmaceutical company like Bristol Myers Squibb provides substantial financial support and validation for Avidity's technology. The upfront payment and potential milestone payments are likely to be viewed positively by investors, potentially leading to a short-term increase in Avidity's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Bristol Myers Squibb enters a strategic collaboration with Avidity Biosciences to enhance its cardiovascular portfolio, committing to fund future development and commercialization activities.
While the deal is significant for Avidity, for Bristol Myers Squibb, it represents a strategic investment into their cardiovascular pipeline. Given BMY's size, the financial commitment may not have a substantial short-term impact on its stock price, but it does show BMY's ongoing strategy to invest in innovative therapies.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70