Bristol-Myers Squibb Invests $12 Million in Israeli Immunotherapy Company Compugen

New York-listed bio-pharmaceutical company Bristol-Myers Squibb has invested $12 million in Israel-based cancer immunotherapy company Compugen Ltd., the companies announced Thursday. Under the terms of their agreement, Bristol-Myers Squibb will receive 2,424,243 shares of Compugen stock purchased at $4.95 per share, representing a 33% premium. The stocks of Tel Aviv-traded compugen were up 3.24% by end-of-day Thursday.

The investment is part of a clinical trial collaboration for a treatment that combines Compugen’s investigational antibody COM701 with Opdivo, an immune checkpoint inhibitor from Bristol-Myers Squibb. The companies will test the treatment in four tumor types, including lung, ovarian, breast, and endometrial cancer.

Established in 1993 and headquartered in central Israel with a research and development facility in San Francisco, Compugen uses predictive technology to computationally identify and develop novel drug targets, with a focus on immune-oncology. The company’s business strategy focuses on revenue-sharing collaborations.