Ambrx In Deal With Bristol-Myers Squibb

La Jolla-based Ambrx, the biopharmaceuticals developer, and Bristol-Myers Squibb said today that the two are in a collaboration. According to the companies, Bristol-Myer Squibb will receive exclusive, worldwide rights to research, develop, and commercialize biologics based on Ambrx research around its Fibroblast Growth Factor 21 (FGF-21) protein. The protein is being targeted at treating type 2 diabetes. The deal also includes research around the Relaxin hormone, which is aimed at treating heart failure. The two said BMY will pay $24M upfront to Ambrx, with potential future milestone and royalty payments to Ambrx.