Bristol Myers Commits Up to $11.1 Billion in Partnership to Advance BioNTech’s Cancer Therapy

US pharmaceutical company Bristol Myers Squibb has entered into a collaboration with Germany’s BioNTech SE to co-develop and commercialize a next-generation cancer immunotherapy, in a deal valued at up to $11.1 billion.

The agreement marks one of the largest in the sector and underscores both companies’ ambitions in the rapidly evolving field of oncology.

As part of the agreement, Bristol Myers will make an upfront payment of $1.5 billion to BioNTech, along with $2 billion in additional non-contingent payments through 2028. BioNTech is also eligible to receive up to $7.6 billion in potential development, regulatory, and commercial milestone payments. The companies will share global profits, losses, and most development and manufacturing costs equally.

The partnership centers on BNT327, a bispecific antibody developed by BioNTech that is currently being evaluated in multiple clinical trials for several solid tumor types, including lung and breast cancer. The therapy is designed to both stimulate the immune system and restrict a tumor’s blood supply—a dual mechanism that could provide a competitive alternative to Merck & Co.’s Keytruda, the current global leader in cancer immunotherapy.

BNT327 originated from a collaboration with Chinese biotech firm Biotheus, which BioNTech acquired earlier this year for up to $950 million. More than 1,000 patients have been treated with the drug so far, and Phase 3 trials are underway for certain indications.

The deal comes at a critical time for Bristol Myers, which is facing a potential revenue gap due to the upcoming expiration of the patent for its blockbuster cancer drug Opdivo in 2028. Opdivo generated $9.3 billion in revenue last year and, like Keytruda, belongs to the PD-1 checkpoint inhibitor class of immunotherapies. BNT327’s innovative design may offer an avenue to offset future losses from expiring patents.

“We are impressed by the innovation that BioNTech has achieved to date,” said Bristol Myers CEO Chris Boerner. “This partnership allows us to accelerate existing clinical trials and broaden the scope of development for this promising treatment.”

For BioNTech, the collaboration represents a significant step toward expanding its cancer treatment portfolio and demonstrating long-term potential beyond its COVID-19 vaccine success. CEO Uğur Şahin noted that the partnership with an “established pioneer in immuno-oncology” will help maximize BNT327’s global potential, especially in combination with other therapies.

The announcement boosted BioNTech’s stock, which rose by more than 10% in pre-market trading. Analysts noted that the partnership reflects a broader industry trend of increasing investment in novel cancer treatments that combine immune response activation with other tumor-targeting mechanisms.

This agreement follows a series of strategic moves by Bristol Myers to strengthen its pipeline, including acquisitions worth more than $20 billion since late 2023.

Axios, the Financial Times, the Wall Street Journal, Bloomberg, and Reuters contributed to this report.