Santaris Pharma this week announced that it has formed a world-wide drug discovery alliance with Bristol-Myers Squibb.

Under the terms of the deal, the companies will discover and develop drugs against undisclosed targets using Santaris’ locked nucleic acid technology.

Santaris will receive a $10 million upfront payment, and stands to receive an additional $90 million in milestones and funding. Santaris is also eligible for royalties on the sale of products resulting from the arrangement.

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