Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd.
2011 · Licensing/Option · Complete
Announcement Sentiment
63
Positive
Outcome Score
76
Worked — the deal delivered on its rationale.
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.