Avidity Biosciences expands cardiovascular collaboration with Bristol Myers

Avidity Biosciences (RNA) announced a global licensing and research collaboration with Bristol Myers Squibb (BMY) focused on the discovery, development and commercialization of multiple cardiovascular targets with potential cumulative payments of up to $2.3B. Antibody Oligonucleotide Conjugates, or AOCs, are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics. This strategic collaboration broadens the reach of AOCs through the expansion of the existing relationship with Bristol Myers Squibb. Avidity continues to advance its internal research and development programs in rare cardiac indications. Under the terms of the agreement, Avidity will receive $100M upfront, which includes a $60M cash payment as well as the purchase of approximately $40M of Avidity common stock at a purchase price of $7.88 per share. Avidity is also eligible to receive up to approximately $1.35B in research and development milestone payments, up to approximately $825M in commercial milestone payments, and tiered royalties up to low double-digits on net sales. Bristol Myers Squibb will fund all future clinical development, regulatory and commercialization activities coming from this collaboration.