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Big Pharma trims projects — and a potential $1 billion in payments — from collaboration with small Peninsula biotech
San Francisco Business Times

Days after saying it would buy Celgene Corp. for $74 billion, Bristol-Myers Squibb Co. thinned its portfolio and shed a potential $1.3 billion in potential milestone payments to a small Peninsula biotech company.

CytomX Therapeutics Inc. (NASDAQ: CTMX) disclosed Tuesday that Bristol-Myers Squibb (NYSE: BMY) told it in January that the Big Pharma company would terminate three “collaboration discovery targets” as it shifts research priorities. Each of the three targets, according to a 2017 extension of a deal signed three years earlier, would have brought in as much as $448 million through various development, regulatory and commercial milestones to 150-employee CytomX.