Bristol Myers Squibb Embarks Oncology Pact With Volastra Therapeutics - Bristol-Myers Squibb (NYSE:BMY)

Bristol Myers Squibb Co BMY is pairing with New York-based biotech Volastra Therapeutics.
The companies announced a multi-year R&D collaboration, with Bristol Myers paying $30 million upfront to Volastra and throwing in a potential $1.1 billion in milestones, plus an additional opportunity for royalties.
Volastra, founded by Lewis Cantley, Olivier Elemento, and Samuel Bakhoum, closed an expanded $44 million seed round in April 2021.
Also Read: FDA Approves Bristol-Myers' Opdualag, First LAG-3-Blocking Antibody Combo, For Melanoma Patients.
Volastra's CINtech platform harnesses a deep biological understanding of chromosomal instability (CIN) as cancer's most targetable vulnerability to develop promising therapies for patients.
CINtech integrates proprietary imaging technologies, model cell line systems, and computational analytics to drive the pipeline.
Price Action: BMY shares are down 0.31% at $70.80 during the market session on the last check Monday.