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news.Ambrx has agreed to provide exclusive rights to Bristol-Myers Squibb (BMS) to research, develop and commercialize biologics based on Ambrx's research surrounding the Fibroblast Growth Factor 21 (FGF-21) protein and Relaxin hormone.
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Fibroblast Growth Factor 21 (FGF-21) protein is indicated for use in treating type 2 diabetes, and the Relaxin hormone, for treating heart failure.
The agreement enables Ambrx to receive an upfront payment of $24m from BMS, as well as milestone and royalty payments on worldwide sales for both the programs.
Further, BMS and Ambrx will enter research collaborations for both the programs.
Ambrx chief business officer Added Simon Allen said these programs have shown potential in preclinical studies, and they believe that Bristol-Myers Squibb has the necessary expertise to lead their continued development.