Bristol Myers Squibb announced Monday a comprehensive partnership with German biotechnology company BioNTech worth up to $11.1 billion to jointly develop and commercialize BNT327, an experimental bispecific antibody that simultaneously targets two critical cancer proteins. The deal represents one of the largest oncology partnerships of the year and positions Bristol Myers to compete in the rapidly emerging dual-target immunotherapy space.
Dual-Target Approach Gains Momentum
BNT327 works by targeting both PD-L1 and VEGF, two proteins that have been among the most important cancer drug targets over the past two decades. PD-L1 is the target of blockbuster drugs including AstraZeneca's Imfinzi and Roche's Tecentriq, while VEGF is targeted by Roche's Avastin. This bispecific approach represents a new strategy that aims to hit both pathways simultaneously with a single molecule.
The investment was galvanized by the success of ivonescimab, a similar bispecific antibody developed by Akeso and Summit Therapeutics. Last year, ivonescimab outperformed Merck's dominant immunotherapy Keytruda in a head-to-head Phase 3 lung cancer trial, marking the first time in a decade that Keytruda had been bested in such a comparison. The results electrified the oncology field, though mixed results from another Summit trial led to a 30% stock drop on Friday.
Financial Structure and Development Timeline
Under the partnership terms, Bristol Myers will pay $1.5 billion upfront to BioNTech for a 50% share in the profits and losses from BNT327. The company will also provide $2 billion in non-contingent "anniversary" payments through 2028. BioNTech remains eligible to receive up to $7.6 billion in additional development, regulatory, and commercial milestone payments. The companies will split development and manufacturing costs equally.
BioNTech acquired BNT327 through an $800 million acquisition of China-based biotech Biotheus late last year. The drug has already advanced into Phase 3 trials in both small cell and non-small cell lung cancer, with a third late-stage trial in triple-negative breast cancer planned to start by the end of this year.
Strategic Positioning in Competitive Landscape
The deal ensures Bristol Myers won't miss out on what could become a foundational new approach to cancer immunotherapy. A wave of drugmakers are experimenting with bispecific molecules that simultaneously target PD-L1 and VEGF, including Pfizer, Merck, and various biotechnology companies. However, Bristol Myers' partnership represents a more expensive entry point compared to the licensing agreements struck by Pfizer and Merck.
"We look forward to partnering to accelerate existing clinical trials and time to market, while expanding the number of potential indications," said Bristol Myers CEO Christopher Boerner in the companies' joint statement.
BioNTech CEO Ugur Sahin emphasized the drug's potential scope: "We believe BNT327 has the potential to become a foundational immuno-oncology backbone, moving beyond single-mechanism checkpoint inhibitors and expanding into multiple solid-tumor indications. Our collaboration with BMS, a pioneering leader in immuno-oncology, aims to accelerate and broadly expand BNT327's development fully realizing its potential."
Joint Development Strategy
The companies will jointly develop BNT327 and, should it win approval, commercialize it together. Each company will retain the right to develop BNT327 independently in cancer settings other than those the drug is already being tested in, providing flexibility for future expansion into additional indications.
The partnership positions Bristol Myers to follow closely behind, or even compete with, the current leaders Akeso and Summit Therapeutics in what has become an intense development race for next-generation cancer immunotherapies that could potentially reshape treatment standards across multiple tumor types.
