Under the collaboration, ArsenalBio will be responsible for discovering and building preclinical candidates against multiple targets, and Bristol Myers will have the option to obtain exclusive worldwide license to develop and commercialize preclinical candidates. Following the exercise of the option, Bristol Myers would be solely responsible for developing and commercializing the licensed candidates.

ArsenalBio will use its synthetic biology compositions to build programmable cell therapy product candidates, made of its PrimeR logic gates, CARchitecture derived gene expression controls, and CellFoundry mediated nonviral manufacturing process. Combined, these three components form circuit-modified T cells.

Under the agreement, Bristol Myers will make an upfront payment of $70 million to ArsenalBio. ArsenalBio will be eligible to receive additional payments associated with collaboration expansion, regulatory, and sales milestones, as well as potential royalties on sales of approved products. Bristol Myers will also make an investment in ArsenalBio for an undisclosed amount.