Bristol-Myers, Simcere Sign Development Deal

From Associated Press (November 3, 2010)

NEW YORK -- Drug developers Bristol-Myers Squibb Co. and Simcere Pharmaceutical Group said Wednesday they will develop a potential cancer treatment.

Financial details of the deal were not disclosed.

Under the deal, the companies will develop BMS-817378, which is still in the laboratory stage of development. Simcere, based in China, receives exclusive rights to develop and sell the product in China while New York-based Bristol-Myers Squibb retains exclusive rights in all other markets.

Shares of Bristol-Myers fell 29 cents to $26.61 in afternoon trading. Shares of Simcere rose 13 cents to $9.88 in afternoon trading.

 

Posted: November 2010


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