Prime Medicine (PRME) said Monday that it has entered into a strategic research collaboration and license agreement with Bristol Myers Squibb (BMY) to develop reagents for the next generation of ex vivo T-cell therapies.
The company said it will receive a $55 million upfront payment and a $55 million equity investment from Bristol Myers Squibb, and will also be eligible to receive over $3.5 billion in milestones.
Prime Medicine will design optimized Prime Editor reagents for a select number of targets, while Bristol Myers Squibb will be responsible for the development, manufacturing, and commercialization of the next-generation cell therapies, the company said.
Prime Medicine's share price jumped almost 14% in recent Monday premarket activity.
Price: 3.94, Change: +0.48, Percent Change: +13.87
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