Bristol-Myers Squibb Co. will license two of its drugs to Biogen and Roche for $470 million upfront, reports Reuters.
Here are three things to know.
1. Bristol-Myers will license an experimental drug to Biogen for progressive supranuclear palsy, a rare neurodegenerative brain disorder. The drug may also prove viable for treating Alzheimer's disease, according to Biogen, which will pay $300 million for the drug.
2. Roche will pay $170 million to receive the licensing rights for Bristol-Myers' investigational Duchenne muscular dystrophy drug.
3. Bristol-Myers expects the deals to close in the second quarter.
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