Exscientia, Bristol Myers Expand AI Based Drug Discovery Collaboration With Potential Milestones Over $1.2B - Bristol-Myers Squibb (NYSE:BMY)

Privately-held Exscientia has expanded its collaboration agreement with Bristol-Myers Squibb Co BMY that builds upon Exscientia's existing collaboration initiated in 2019 with Celgene, before Bristol-Myers acquisition.
The collaboration will use AI to accelerate the discovery of small molecule therapeutic drug candidates in multiple therapeutic areas, including oncology & immunology.
The agreement includes up to $50 million in upfront funding, up to $125 million in near to mid-term milestones, and additional payments that take the deal's potential value beyond $1.2 billion.
Exscientia will also receive tiered royalties on net sales of any marketed drug products resulting from the collaboration.
Exscientia will take responsibility for AI design and experimental work necessary to discover drug candidates.
Price Action: BMY shares are trading lower by 0.75% at $65.11 during the premarket session on the last check Wednesday.