Bristol Myers Squibb partners with BioNTech in US$11.1B cancer drug venture targeting Keytruda’s market

GLOBAL— Bristol Myers Squibb (BMS) has announced a major partnership with Germany’s BioNTech to co-develop and commercialize a promising new cancer drug candidate, BNT327, in a deal that could be worth up to US$11.1 billion.

 This collaboration aims to challenge the dominance of Merck’s Keytruda (pembrolizumab), a leading immunotherapy for solid tumors.

Under the agreement, BMS will pay BioNTech US$1.5 billion upfront, along with US$2 billion in guaranteed anniversary payments through 2028.

Additionally, BioNTech could receive up to US$7.6 billion more in development, regulatory, and commercial milestone payments.

Both companies will share development and manufacturing costs equally, as well as any profits if the drug reaches the market.

BNT327 is a bispecific antibody that targets two key proteins involved in cancer progression: programmed death-ligand 1 (PD-L1) and vascular endothelial growth factor A (VEGF-A).

 PD-L1 inhibitors help restore the immune system’s ability to detect and attack tumor cells, while VEGF-A blockers cut off the blood supply tumors need to grow.

Combining these two mechanisms in one drug is a novel approach, as no approved cancer treatment currently targets both simultaneously.

BioNTech originally gained control of BNT327 through its US$800 million acquisition of China-based biotech Biotheus in late 2024.

 The drug is already being tested in over 20 clinical trials involving more than 1,000 patients, including late-stage Phase III trials for extensive stage small cell lung cancer (ES-SCLC) and non-small cell lung cancer (NSCLC).

 A Phase III trial in triple negative breast cancer (TNBC) is planned to begin by the end of 2025.

Preliminary data from a Phase II trial in ES-SCLC patients showed encouraging results, with BNT327 extending median overall survival to 16.8 months compared to 12.3 months for Roche’s Tecentriq combined with chemotherapy.

This suggests BNT327 may offer a meaningful improvement over existing treatments.

The partnership comes at a time when the oncology field is rapidly evolving beyond single-mechanism checkpoint inhibitors like Keytruda, which generated nearly US$30 billion in global sales in 2024.

Other pharmaceutical giants such as Pfizer and Merck are also developing bispecific antibodies targeting PD-L1/PD-1 and VEGF pathways, highlighting the competitive race to capture future market share.

BioNTech’s CEO, Ugur Sahin, expressed confidence that BNT327 could become a foundational immuno-oncology therapy, expanding treatment options across multiple solid tumors.

 Likewise, BMS CEO Christopher Boerner emphasized the drug’s potential to transform the standard of care for patients with hard-to-treat cancers, praising BioNTech’s innovation and the opportunity to accelerate clinical development and market entry.