Press Release August 17, 2020

Dragonfly Therapeutics and Bristol Myers Squibb Announce $475 Million Exclusive Global License for Dragonfly’s IL-12 Investigational Immunotherapy Program

The Life Sciences team advised Dragonfly Therapeutics, Inc. on its definitive agreement under which Bristol Myers Squibb (NYSE: BMY) will be granted the global exclusive license to Dragonfly’s interleukin-12 (IL-12) investigational immunotherapy program, including its extended half-life cytokine DF6002. DF6002 is a monovalent IL-12 immunoglobulin Fc fusion protein proposed to achieve strong anti-tumor efficacy by establishing an inflammatory tumor microenvironment necessary for productive anti-tumor responses.

Dragonfly Therapeutics is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing therapies that use its novel technology to harness the body's innate immune system to bring breakthrough disease treatments to patients. Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

Under the agreement, Bristol Myers Squibb will become responsible for the development and any subsequent commercialization of DF6002 and its related products worldwide, including strategic decisions, regulatory responsibilities, funding, and manufacturing. Dragonfly will receive $475 million in near-term upfronts, and is eligible to receive performance-based development, regulatory and commercial milestone payments. In addition, Dragonfly will receive up to 24% royalties on worldwide net sales.

The Goodwin team was led by Larry Wittenberg and Ian Longacre, and included Brian Fairchild, Shovon Ashraf, Andrew Ming-Lum, Julie Tibbets, and Paul Jin.

For more details, read the press release and articles in Endpoints and FierceBiotech.