Bristol-Myers Squibb (BMY) Stock Continues Climb Today on $975M Prostate Cancer Vaccine Deal
NEW YORK (TheStreet) -- Bristol-Myers Squibb (BMY) - Get Report shares continue to climb above its 14-year high in trading today, rising 1.29% to $66.52, on Thursday after the company announced that it reached a $975 million deal with Danish biotech company Bavarian Nordic for its prostate cancer vaccine candidate Prostvac.
Bristol-Myers will pay $60 million up front with the balance of the deal becoming payable if the drug receives FDA approval.
Today's news builds on the yesterday's announcement that the FDA approved the company's Opdivo (nivolumab) injection. The drug is designed for the intravenous treatment of patients with metastatic squamous non-small cell lung cancer (NSCLC) with progression on or after platinum-based chemotherapy. Opvido had already received approval for the treatment of melanoma.
"The FDA moved exceptionally fast expanding Opdivo's approval. Bristol said the lung cancer application was accepted last week with an approval decision expected in June.
The worldwide commercial market for squamous cell lung cancer patients tops $3 billion, according to an analysis by Barclays," wrote TheStreet's Adam Feuerstein in his blog yesterday.
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