Press Release

SystImmune Announces Global Strategic Collaboration With Bristol Myers Squibb

December 11, 2023

Seattle – December 11, 2023 – Cooley advised SystImmune, a clinical-stage biopharmaceutical company, on its exclusive license and collaboration agreement with Bristol Myers Squibb for SystImmune’s BL-B01D1. Partners Kate Hillier and Lila Hope, and associate Chen Chen led the Cooley team advising SystImmune, with partners Aaron Pomeroy and Todd Gluth and associate Rick Jantz advising on tax matters.

Under the terms of the agreement, SystImmune and Bristol Myers Squibb will jointly develop and commercialize BL-B01D1 – a potentially first-in-class EGFRxHER3 bispecific antibody-drug conjugate – in the United States. Through its affiliates, SystImmune will be solely responsible for development, commercialization and manufacturing in mainland China, while Bristol Myers Squibb will assume sole responsibility for development and commercialization in the rest of the world. Bristol Myers Squibb will pay SystImmune $800 million in an upfront payment and up to $500 million in contingent near-term payments. SystImmune also is eligible to receive additional payments of up to $7.1 million, contingent upon the achievement of certain development, regulatory and sales performance milestones, for total potential consideration of up to $8.4 billion. The companies will share certain global development expenses, and profits and losses, in the US.

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