LONDON (SHARECAST) - Shares in Summit Corporation, an Oxford based drug developer, soared 20 per cent on Tuesday after it announced it has entered a technology licence agreement with Bristol-Myers Squibb Company.
Under the agreement, Bristol-Myers will use Summit's Seglin technology to identify and develop drug candidates for up to ten targets across multiple therapeutic areas.
Glyn Edwards, Chief Executive Officer of Summit, said: "This agreement with Bristol-Myers Squibb further reinforces our strategy as we seek alternative ways to realise the value of our Seglin technology while we concentrate our resources on advancing our core Duchenne Muscular Dystrophy and C. difficile programmes."
Under the terms of the agreement, Bristol-Myers Squibb will be responsible for the discovery stage research and will have the exclusive right to develop and commercialise any Seglin products that are identified.
Summit will receive a $0.1m technology access fee and is eligible for research, development and regulatory milestones of up to $30m per product, plus royalties on worldwide sales of products arising from the technology.