BMS, Prosetta ink HIV drug research deal

Prosetta Antiviral's Vishwanath Lingappa.

Bristol-Myers Squibb Co. and Prosetta Antiviral Inc. -- one of San Francisco's oldest biotech companies -- signed a multi-year drug discovery and development deal that initially targets the AIDS virus, the companies said Tuesday. Financial terms of the deal were not disclosed, but Prosetta will receive an upfront payment and research funding from Bristol-Myers Squibb (NYSE: BMY). Prosetta also will be eligible for milestone payments and royalties on worldwide sales, if any drugs emerge from the deal.