Pharma BD Deal Intelligence

Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd.

2011 · Licensing/Option · Complete

Positive — critic reaction at announcement

Worked — the deal delivered on its rationale

CALLED IT — OFF BY 13

BMS obtained exclusive global rights (ex-Japan, South Korea, Taiwan) to develop and commercialize nivolumab (Opdivo), a PD-1 checkpoint inhibitor originally discovered by Ono Pharmaceutical. Ono retained rights in Japan, South Korea, and Taiwan. Royalty structure: 4% on North American net sales and 15% on all other territory sales. Opdivo became one of the most commercially successful immuno-oncology drugs, generating peak annual sales exceeding $8B.

Key facts

Announced Sep 01, 2011
Closed Sep 01, 2011
Deal type Licensing/Option
Therapeutic area Oncology
Indications Melanoma, Non-Small Cell Lung Cancer, Renal Cell Carcinoma, Hodgkin Lymphoma
Key assets nivolumab (Opdivo), PD-1 antibody intellectual property
Mechanism PD-1 checkpoint inhibitor (anti-PD-1 monoclonal antibody)

Related deals — scored

Deal	Year	Value	Outcome
Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. (this deal)	2011	—	76
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 / SystImmune Inc.	2023	$8.4B	71
Bristol-Myers Squibb Company / Turning Point Therapeutics Inc.	2022	$4.1B	70

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