BMS gained exclusive rights to Tubulis' Tubutecan payloads and proprietary P5 conjugation platform to develop a select number of differentiated ADCs in solid tumors. Tubulis received ~$22.75M upfront with eligibility for milestone payments potentially totaling over $1B plus tiered royalties. Update (May 20, 2025): the first ADC selected by BMS under the agreement entered clinical development — within ~2 years of signing — triggering a development milestone (payment amount undisclosed). Tubulis' two wholly owned programs (TUB-040, TUB-030) advanced into the clinic over the same period.