Amphista Therapeutics (“the Company” or “Amphista”), a leader in next generation targeted protein degradation (TPD) approaches, today announces it has achieved the first milestone in the second active discovery programme under its strategic collaboration and license agreement with Bristol Myers Squibb (NYSE: BMY), triggering a payment for achieving the milestone.

This follows the announcement of the first milestone achieved in the first discovery programme on May 4, 2023. Both programmes are part of the original agreement with Bristol Myers Squibb, which was announced in May 4, 2022 and included a $30 million upfront payment and 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.

Louise Modis, Chief Scientific Officer of Amphista Therapeutics said: “The achievement of this first milestone in the second discovery programme under Amphista’s strategic collaboration with Bristol Myers Squibb is a testament to our innovative science and ability to discover and progress at pace differentiated, novel therapeutic molecules for our pharmaceutical partners. We have now delivered milestones on both active discovery programmes in our ongoing collaboration with the company and we look forward to continuing this strong momentum. Such collaborations further validate our unique approach and ambition to overcome challenges faced by other target protein degradation modalities. With potential for CNS penetration, we continue to expand the range of potential applications for Amphista’s therapeutic modality.”

Under the agreement, Amphista is responsible for the discovery and development of small molecule protein degraders using Eclipsys^TM, 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.