Global biopharmaceutical company Bristol-Myers Squibb (NYSE: BMY) has given China-based Simcere Pharmaceutical (NYSE: SCR) the rights to develop preclincal compound BMS-817378, a drug targeted for the treatment of advanced cancers, in its home country.
Under the terms of the agreement, Bristol-Myers Squibb will retain the rights in all other markets. Both parties have yet to determine the development plan, which will initially be performed by Simcere. The first-in-human studies will be conducted in China.
Bristol-Myers said the partnership between the two companies is an entirely new approach to devleoping its early-stage pipeline.
Simcere manufactures and sells anti-infective medication, anti-cancer medication and stroke management medication.