AMRI receives $750,000 milestone payment from Bristol-Myers Squibb

AMRI (NASDAQ: AMRI) announced today that a third compound being developed under its license and research agreement with Bristol-Myers Squibb Company (NYSE: BMY) will proceed into preclinical development. AMRI will receive a $750,000 payment from Bristol-Myers Squibb for the completion of this milestone, marking the fifth milestone payment in the ongoing research collaboration between the two companies.

Under the 2005 licensing agreement, Bristol-Myers Squibb received an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from AMRI’s proprietary research program. To date, Bristol-Myers Squibb has selected two compounds from this program for approval to initiate Phase I studies. The two companies will continue to evaluate additional compounds under this collaboration to develop improved treatments for diseases of the central nervous system (CNS).

Per terms of the agreement, AMRI is potentially eligible to receive up to $66 million per compound in development and regulatory milestone payments for the first two compounds, and additional potential payments of up to $22 million per compound on subsequent compounds. In addition, AMRI will receive royalties on worldwide sales of commercialized compounds.