Bristol-Myers moves forward with its $1.2B CytomX alliance

Bristol-Myers Squibb ($BMY), working alongside CytomX Therapeutics ($CTMX), picked a third cancer project in a collaboration that could pay its partner as much as $1.2 billion. The two will now collaborate on an undisclosed target related to oncology, making use of CytomX's revamped antibody technology to craft treatments that home in on cancers while sparing healthy tissues. Bristol-Myers' move triggers a $10 million payout for CytomX, which, under a deal signed in 2014, pocketed a $50 million upfront payment and is in line for up to $298 million for each candidate that stems from the partnership. Release