Nicola Thompson, CEO of Amphista, said, "We are absolutely delighted with the progress and success of our collaboration with BMS. Our ability to deliver our first milestone within the first year of our collaboration exemplifies the strength of our Eclipsys™ platform and our ambition to be a world-leading, next generation protein degradation company."

The collaboration and license agreement with Bristol Myers Squibb was announced on May 4, 2022 and included a $30 million upfront payment, the potential for up to $1.25 billion in performance-based milestone payments and payment for a limited expansion of the collaboration, as well as royalties on global net sales of products. Amphista is responsible for the discovery and development of small molecule protein degraders using Eclipsys™, its next-generation TPD platform. Bristol Myers Squibb is granted a global exclusive license to the resulting degraders and will be responsible for further development and commercialization activities. 

Amphista's next generation bifunctional molecules use a novel approach that makes use of a wider range of the body's own innate protein degrading mechanisms than those used by most other TPD companies. This proprietary approach offers the potential to overcome many of the limitations seen with current TPD approaches, providing the opportunity to treat a wider range of diseases. Amphista is focused on biological targets with a high level of clinical or genetic validation.