Pharma BD Deal Intelligence

Bristol-Myers Squibb Company / Prime Medicine Inc.

2024 · Licensing/Option · $3.5B · Complete

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BMS and Prime Medicine formed a strategic collaboration to develop next-generation prime-edited ex vivo T-cell therapies for immunological diseases and cancer. Prime received $110M upfront ($55M cash + $55M equity), with up to $3.5B in milestones ($1.4B development, $2.1B+ commercialization). Prime designs Prime Editor and PASSIGE reagents; BMS handles development, manufacturing, and commercialization. Post-deal, Prime narrowed dramatically: on May 19, 2025 it cut ~25% of staff, replaced CEO Keith Gottesdiener with CFO Allan Reine, and refocused its internal pipeline on in-vivo liver diseases (Wilson's, AATD) while continuing the BMS-funded prime-edited CAR-T program as a core partnered effort. The collaboration remained active as of Prime's Q1 2026 results (May 7, 2026), with $0.856M related-party collaboration revenue in the quarter and $149.2M cash funding operations into 2027.

Key facts

• Announced Sep 30, 2024
• Closed Sep 30, 2024
• Deal value $3.5B
• Deal type Licensing/Option
• Therapeutic area Gene Therapy, Immunology, Oncology
• Indications Cancer, Immunological Diseases
• Key assets Prime Editing platform, PASSIGE reagents
• Mechanism Prime Editing gene editing platform, Ex vivo T-cell therapy

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