6 July 2020 - - US-based Dragonfly Therapeutics, Inc has launched a new research collaboration with Bristol Myers Squibb to discover and develop Dragonfly's novel immunotherapies for multiple sclerosis and neuro-inflammation targets.

Under the agreement, Dragonfly will grant Bristol Myers Squibb the option to license exclusive worldwide intellectual property rights to multiple candidates developed using Dragonfly's proprietary platform for multiple new targets.

Bristol Myers Squibb will pay Dragonfly a USD 55m upfront payment, and Dragonfly will be eligible to receive additional payments associated with development, regulatory and sales milestones, as well as potential royalties on sales of approved products.

Dragonfly Therapeutics is committed to discovering, developing and commercialising therapies that use its novel TriNKET technology to harness the body's innate immune system to bring breakthrough treatments to patients.