Prime Medicine Partners with Bristol Myers Squibb in $3.5B Cell Therapy Deal, Narrows Pipeline Focus

Partnership:
Prime Medicine has entered into a strategic research collaboration and license agreement with Bristol Myers Squibb (BMS) to develop and commercialize multiple Prime Edited ex vivo T-cell therapies for immunology and oncology.

Financial Terms:
The deal includes an upfront payment of $110 million ($55 million in cash and $55 million in equity) and potential milestone payments of over $3.5 billion, including up to $1.4 billion in development milestones and more than $2.1 billion in commercialization milestones, plus royalties on net sales.

Pipeline Reprioritization: Prime Medicine is narrowing its pipeline focus from 18 genetic diseases to three core areas:
hematology/immunology/oncology, Wilson’s disease, and cystic fibrosis. The company aims to extend its cash runway into the first half of 2026 through cost savings and the BMS deal.

Key Programs:
The prioritized programs include PM359, an ex vivo autologous hematopoietic stem cell therapy for chronic granulomatous disease (CGD), and a program for X-linked CGD, both leveraging Prime’s PASSIGE technology.

Strategic Focus:
Prime Medicine plans to use its Prime Editing technology to address diseases with well-understood biology and clear clinical development and regulatory paths, with each prioritized program serving as a "beachhead" for future expansion.

Market Reaction:
Prime Medicine’s stock surged following the announcement, indicating investor approval of the collaboration and pipeline refocusing.