Milan, February 28, 2006 — Nerviano Medical Sciences today announced an agreement with Bristol-Myers Squibb Company (NYSE: BMY) according to which Nerviano Medical Sciences will identify and conduct early stage development of active compounds against new oncology targets provided by Bristol-Myers Squibb.
Terms of the multi-year risk sharing collaboration include the potential for up to $150 million in clinical and regulatory milestones in addition to royalty payments for each successful research programme. Milestone payments would commence upon approval of a suitable development candidate for development by Bristol-Myers Squibb.
"We are very pleased to enter into this partnership with Bristol-Myers Squibb, as both companies share the common goal of discovering innovative drugs in Oncology", said Umberto Rosa, chairman of Nerviano Medical Sciences. "I am confident that Nerviano's expertise in the selection and development of suitable product candidates will lead to new therapies that will ultimately benefit patients suffering from cancer."
"This agreement between Bristol-Myers Squibb and Nerviano Medical Sciences is an important opportunity to begin early stage development of innovative drugs in Italy," said Filiberto Claroni, president and chairman of the board of Bristol-Myers Squibb's Italian affiliate. "Together, we will work to
deliver hope and treatments to cancer patients."