Bristol Myers Squibb Signs $11B Deal With BioNTech for Bispecific Cancer Antibody BNT327, Surpassing Recent Merck and Pfizer Moves
Bristol Myers Squibb (BMS) has entered an $11.1 billion partnership with BioNTech to co-develop and co-commercialize the bispecific antibody candidate BNT327, targeting PD-L1 and VEGF-A in solid tumors124.
The financial terms include a $1.5 billion upfront payment to BioNTech, plus $2 billion in non-contingent anniversary payments through 2028, and up to $7.6 billion in milestones tied to development, regulatory, and commercial events134.
BNT327 is currently in phase 3 trials for lung cancers (both small and non-small cell) and is set to enter pivotal trials for triple-negative breast cancer in 2025; its mechanism targets immune suppression within the tumor microenvironment124.
The deal gives BMS a 50% stake in BNT327 and shares both development/commercialization rights and costs; both companies can further develop BNT327 independently for additional indications or combinations12.
This agreement positions BMS and BioNTech ahead of competitors such as Merck and Pfizer, which have recently made smaller deals ($3.3B and $6B, respectively) for similar bispecific cancer therapies14.
The collaboration aims to establish BNT327 as a foundational immuno-oncology therapy and accelerate its development across multiple hard-to-treat tumors2.
The news led to an 11% surge in BioNTech shares and a 1% rise in BMS shares14.
Sources:
1. https://www.fiercebiotech.com/biotech/bristol-myers-inks-11b-biontech-deal-join-bispecific-gold-rush-leaping-ahead-merck-and
2. https://news.bms.com/news/details/2025/BioNTech-and-Bristol-Myers-Squibb-Announce-Global-Strategic-Partnership-to-Co-Develop-and-Co-Commercialize-Next-generation-Bispecific-Antibody-Candidate-BNT327-Broadly-for-Multiple-Solid-Tumor-Types/default.aspx
3. https://www.biospace.com/deals/bms-commits-up-to-11b-to-work-with-biontech-on-solid-tumor-bispecific
4. https://www.morningstar.com/news/marketwatch/2025060271/bristol-myers-makes-11-billion-deal-with-biontech-to-join-the-cancer-drug-race