Summit enters technology license agreement with Bristol-Myers Squibb

Summit (AIM: SUMM), a UK drug discovery company, today announces that it has entered a technology license agreement with Bristol-Myers Squibb Company (NYSE: BMY) under which Bristol-Myers Squibb will use Summit’s proprietary Seglin™ technology to identify and develop drug candidates for up to ten targets across multiple therapeutic areas.

“Summit is pleased to be partnering with one of the world’s premier biopharmaceutical companies,” commented Glyn Edwards, Chief Executive Officer of Summit. “This agreement with Bristol-Myers Squibb further reinforces our strategy as we seek alternative ways to realise the value of our Seglin technology while we concentrate our resources on advancing our core Duchenne Muscular Dystrophy and C. difficile programmes.”

Under the terms of the agreement, Bristol-Myers Squibb will be responsible for the discovery stage research and will have the exclusive right to develop and commercialise any Seglin products that are identified. Summit will receive a $100,000 technology access fee and is eligible for research, development and regulatory milestones of up to $30 million per product, plus royalties on worldwide sales of products arising from the technology.