**Bristol Myers Squibb Commits $3.5 Billion to BioNTech in Immuno-Oncology Partnership**

Bristol Myers Squibb (BMS) has entered a significant partnership by paying BioNTech $3.5 billion to secure a 50% stake in the development of a PD-1/L1xVEGF-A bispecific antibody. This deal places BMS alongside BioNTech in one of the most competitive areas of immuno-oncology. Adding to the headline figure, the agreement includes up to $7.6 billion in potential milestone payments.

BioNTech, based in Germany, is advancing its candidate BNT327 through phase 3 studies for lung cancer, targeting both small cell and non-small cell varieties, and plans to launch a pivotal trial for triple-negative breast cancer this year. BMS's investment comprises a $1.5 billion upfront payment and an additional $2 billion in guaranteed payments by 2028, laying the groundwork for significant future development.

The collaboration grants BMS co-development and co-commercialization rights to BNT327. Both companies will share the costs and profits equally and are free to explore further applications and combinations independently. This deal significantly strengthens BioNTech’s position, building on their recent acquisition of ex-China rights to BNT327 for $55 million and the outright purchase of Biotheus for $800 million.

The immuno-oncology landscape has been heating up, with competitors like Summit Therapeutics and Merck joining the race to develop similar bispecific antibodies. Merck’s entry came with a $588 million investment, while Pfizer committed $1.25 billion upfront to a separate PD-1xVEGF bispecific expected to begin phase 3 trials in China.

BMS's strategic move aligns with its long-term growth plans, aiming to sustain its leadership in the checkpoint inhibitor market. Samit Hirawat, M.D., head of development at BMS, emphasized the importance of both scientific data and financial discipline in making this investment. Analysts at William Blair noted the firm's cautious optimism, highlighting significant progression-free survival benefits but also acknowledging the clinical risks involved in achieving meaningful overall survival.

The announcement caused BioNTech shares to spike by 11%, reaching over $106 in premarket trading, while BMS shares saw a modest increase of 1%, hitting $48.76.