Bristol Myers Squibb pens $1.3B biobucks pact with Molecular Templates, axes Celgene CAR-T asset

Bristol Myers Squibb is putting down up to $1.3 billion on a next-gen engineered toxin body (ETB) cancer platform from Molecular Templates as it cuts an unwanted cell therapy from its Celgene buyout.

The deal, heavily backloaded and worth just $70 million upfront with the rest in milestones, sees BMS tap Austin, Texas-based Molecular Templates' ETB platform for a new way of seeking out cancer therapies.