SHERIDAN, WYOMING - December 19, 2025 - Bristol Myers Squibb (BMS) has struck a potential $1B-plus partnership with Harbour BioMed to collaborate on next-generation multi-specific antibody programs, underscoring how China-based innovation is increasingly shaping global biologics dealmaking.
Deal scope and economics in brief
BMS will pay $90 million upfront to work with Harbour on developing and advancing multi-specific antibody therapies, with additional development and commercial milestones that could total up to $1.035 billion. The partners did not disclose how many programs are covered, nor did they specify initial targets, indications, or therapeutic areas.
For business development teams and portfolio planners, the structure reflects a familiar "platform-plus-programs" model: BMS buys early discovery leverage and optionality, while Harbour positions itself for milestone upside and downstream royalties if programs progress.