Prime Medicine and Bristol Myers Squibb Partner for $3.5B Cell Therapy Deal

On Monday, Prime Medicine Inc. announced a strategic collaboration with Bristol Myers Squibb to advance next-generation T-cell therapies. This partnership includes a $110 million upfront payment, comprising a $55 million upfront fee and a $55 million equity investment. The agreement allows Prime Medicine to develop optimized Prime Editor reagents using its PASSIGE technology, while Bristol Myers Squibb will handle the development, manufacturing, and commercialization of the therapies. Prime Medicine is set to receive over $3.5 billion in potential milestones, which includes $1.4 billion for development and $2.1 billion for commercialization, along with royalties on net sales. In addition to this collaboration, Prime Medicine is streamlining its pipeline to focus on two key programs targeting chronic granulomatous disease (CGD). The first program, PM359, is an ex vivo autologous hematopoietic stem cell product currently in a Phase 1/2 clinical trial, with initial data expected in 2025. The second program involves an ex vivo HSC product for X-linked CGD. Furthermore, the company is prioritizing a lipid nanoparticle Prime Editor for Wilson’s Disease, with plans to present new preclinical data by late 2024 and file an IND in early 2026. With the financial backing from Bristol Myers Squibb, Prime Medicine anticipates that its cash runway will support operations into the first half of 2026. The company is also exploring partnership opportunities to advance other programs in neurological diseases, cell therapy, ocular diseases, and hearing loss, indicating a strategic shift towards more focused research and development efforts. This collaboration marks a significant step for Prime Medicine as it seeks to leverage its innovative gene editing technology in partnership with a major player in the pharmaceutical industry, potentially leading to groundbreaking advancements in cell therapies.