Pharma BD Deal Intelligence
A $3.63B immuno-oncology collaboration that gave Bristol-Myers Squibb rights to Nektar's bempegaldesleukin alongside Opdivo and Yervoy across melanoma, renal cell carcinoma, and multiple solid tumors, backed by $1.85B upfront and up to $1.78B in milestones.
Ranks computed across 828 graded deals (Critic + Outcome Score both present).
Bristol-Myers Squibb entered a global clinical collaboration with Nektar Therapeutics to evaluate combinations of BMS's immuno-oncology portfolio (including Opdivo and Yervoy) with Nektar's NKTR-214 (bempegaldesleukin), a CD122-biased IL-2 pathway agonist. BMS paid $1.85B upfront ($1B cash + $850M equity investment) with up to $1.78B in additional milestone payments.
200K US cases/yr · $30.0B Global NSCLC therapeutics
NSCLC accounts for ~85% of lung cancers. Treatment has been revolutionized by immunotherapy and targeted therapies for driver mutations (EGFR, ALK, ROS1, KRAS G12C). Checkpoint inhibitors are standard first-line for most patients without actionable mutations.
No driver mutation: pembrolizumab +/- chemo. EGFR+: osimertinib. ALK+: alectinib, lorlatinib. KRAS G12C: sotorasib. Key players: Merck (Keytruda $25B+), Roche (Tecentriq), AZ (Tagrisso $5B+, Imfinzi), Pfizer (Lorbrena), Amgen (Lumakras).
100K US cases/yr · $12.0B Global melanoma therapeutics
Melanoma treatment has been revolutionized by checkpoint immunotherapy and BRAF/MEK targeted therapy. Adjuvant immunotherapy has improved cure rates for resected high-risk disease.
BRAF-mutated: dabrafenib + trametinib or encorafenib + binimetinib. BRAF-wt: nivolumab +/- ipilimumab or pembrolizumab. Key players: BMS (Opdivo, Yervoy, Opdualag), Merck (Keytruda), Novartis (Tafinlar+Mekinist), Iovance (lifileucel).
83K US cases/yr · $5.0B Global bladder cancer therapeutics
Bladder cancer is predominantly urothelial carcinoma. Immunotherapy and ADCs (enfortumab vedotin) have transformed advanced disease treatment.
NMIBC: BCG. Muscle-invasive: neoadjuvant cisplatin + cystectomy. Advanced: enfortumab vedotin + pembrolizumab emerging standard. Key players: Merck (Keytruda), Seagen/Pfizer (Padcev), J&J (Balversa).
82K US cases/yr · $8.0B Global RCC therapeutics
RCC accounts for ~90% of kidney cancers. IO-TKI combinations have become standard first-line for advanced disease.
First-line: pembrolizumab + lenvatinib, nivolumab + cabozantinib, or nivolumab + ipilimumab. Key players: Merck/Eisai (Keytruda+Lenvima), BMS (Opdivo), Exelixis (Cabometyx), Pfizer (Inlyta).
BMS paid $1.85B upfront + up to $1.8B milestones for bempegaldesleukin co-development with Opdivo.
Bempeg failed in melanoma (PIVOT IO-001), RCC, and bladder cancer Phase III trials. Program discontinued.
All pivotal studies failed. $1.85B upfront lost. One of pharma largest collaboration write-offs.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / Nektar Therapeutics (this deal) | 2018 | $3.6B | 26 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |
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More: 2018 deals · Bristol-Myers Squibb Company deals · Oncology deals