Swedish research-based biopharma company BioArctic AB (STO:BIOA-B) announced on Thursday that it has entered into a global licence agreement with biopharmaceutical company Bristol Myers Squibb (NYSE:BMY) for its PyroGlutamate-amyloid-beta (PyroGlu-Aβ) antibody programme, including BAN1503 and BAN2803.

Under the terms of the agreement BioArctic will receive a USD100m upfront payment and up to USD1.25bn in milestone payments, as well as tiered royalties on global product sales.

Bristol Myers Squibb will be responsible for the development and commercialisation of the licensed products worldwide.

BioArctic's PyroGlu-Aβ antibody programme targets a specific, toxic form of amyloid-beta, a key protein implicated in Alzheimer's disease.

BAN2803 which utilises BioArctic's BrainTransporter technology to enhance drug delivery to the brain. This is the first license agreement for the BrainTransporter technology, opening up potential opportunities for future partnerships in various therapeutic areas.