San Francisco Bay Area biotech stories.
Tuesday, July 31, 2012
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.
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