United States-based Dragonfly Therapeutics Inc has expanded its collaboration with Bristol Myers Squibb, a United States-based pharmaceutical company, to discover and produce Dragonfly's immunotherapies for multiple sclerosis and neuro-inflammation targets, it was reported on Monday.

According to the contract, Dragonfly is to offer Bristol Myers Squibb the option to license global intellectual property rights to multiple candidates produced utilising Dragonfly's proprietary platform for multiple new targets.

The deal includes an upfront payment of USD55m to Dragonfly from Bristol Myers Squibb, while Dragonfly will be eligible to receive additional payments associated with development, regulatory and sales milestones and potential royalties on sales of approved products.