December 6, 2017 / 3:02 PM / in 11 days

BRIEF-Ayala Enters Exclusive Worldwide License Agreement With Bristol-Myers Squibb

Dec 6 (Reuters) - Ayala Pharmaceuticals:

* AYALA PHARMACEUTICALS, FOUNDED BY ISRAEL BIOTECH FUND, AMOON AND HAREL INSURANCE, ENTERS EXCLUSIVE WORLDWIDE LICENSE AGREEMENT WITH BRISTOL-MYERS SQUIBB (BMS) TO DEVELOP CANCER TREATMENTS

* ‍SAYS WILL HAVE EXCLUSIVE WORLDWIDE DEVELOPMENT AND COMMERCIALIZATION RIGHTS FOR BMS-906024 AND BMS-986115​

* SAYS CO IS RESPONSIBLE FOR ALL FUTURE DEVELOPMENT AND COMMERCIALIZATION OF BMS-906024 AND BMS-986115

* SAYS IN CONNECTION WITH LICENSE, BMS RECEIVED UPFRONT PAYMENT, BECAME A SHAREHOLDER OF CO

* SAYS ‍PLAN TO INITIATE PHASE 2 CLINICAL TRIALS IN 2018​

* SAYS IN CONNECTION WITH LICENSE, BMS TO ALSO RECEIVE CERTAIN DEVELOPMENT, REGULATORY, SALES-BASED MILESTONES, TIERED ANNUAL NET SALES ROYALTIES Source text for Eikon: Further company coverage:

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