Bristol-Myers Squibb (BMS) has licensed exclusive global rights to develop and commercialise Innate Pharma’s Phase I immuno-oncology antibody, IPH 2102, which uses the immune system to fight tumours. Under the term of the agreement, which covers all potential indications for IPH 2102, BMS will fund development and pay Innate Pharma US$35 M upfront, up to US$430 M in milestones and tiered double-digit royalties on global net sales. The deal highlights the willingness of big pharma to pay sizeable sums for attractive Phase I assets.