Bristol-Myers Squibb Company said Thursday it will pay $24 million to Ambrx Inc. for rights to two of the company's experimental treatments for diabetes and heart failure.
Under the agreement, Bristol-Myers will collaborate on research for the therapies and make additional milestone payments if they reach the marketplace.
Ambrx's Fibroblast Growth Factor 21 is a naturally occurring protein that has been shown to lower blood sugar and raise good cholesterol. Relaxin is a naturally occurring hormone that may improve cardiovascular function in patients with heart failure. Both therapies are in preclinical development.
Shares of New York-based Bristol-Myers Squibb Co. fell 43 cents to $30.52 in midday trading.
Ambrx is a biopharmaceutical company headquartered in La Jolla, Calif.