Summit agrees technology licence with Bristol-Myers Squibb
Summit will receive $100,000 fee for access to its Seglin technology
Summit, a UK drug discovery company, has signed a technology licensing agreement with Bristol-Myers Squibb that could eventually be worth US$30m per product in research, development and regulatory milestone payments.
Initially Bristol-Myers Squibb will pay a $100,000 fee to access Summit’s Seglin technology.
The aim is to identify and develop drug candidates for up to ten targets across multiple therapeutic areas.
Glyn Edwards, chief executive of Abingdon, Oxfordshire-based Summit, said: ‘This agreement with Bristol-Myers Squibb further reinforces our strategy as we seek alternative ways to realise the value of our Seglin technology while we concentrate our resources on advancing our core Duchenne Muscular Dystrophy and C. difficile programmes.’