U.S. BMS to invest $12 mln in Israel's Compugen

Israeli genomics-based drug and diagnostic discovery company Compugen and U.S. drugmaker Bristol Myers Squibb (BMS) announced the companies have entered into a clinical trial collaboration to evaluate Compugen’s COM701 with BMS's PD-1 immune checkpoint inhibitor Opdivo, in patients with advanced solid tumours.

As part of the collaboration, Bristol-Myers Squibb will invest $12 million in Compugen through a share purchase agreement.

Compugen will sponsor the ongoing two-part phase 1 trial, which includes the evaluation of the combination of COM701 and Opdivo in four tumour types, including non-small cell lung, ovarian, breast and endometrial cancer.

The investment is expected to close on or about October 12, subject to closing conditions.