Schrodinger Inc. (NASDAQ: SDGR ) declared that it has signed a drug discovery deal with Bristol Myers Squibb (NYSE: BMY). This collaboration contract will make Schrodinger qualified for the identification of development candidates and Bristol Myers will be liable for the development of the candidate and will launch the candidates in the market.
Both firms will use their skills to focus on developing candidates for immunology, oncology, and neurological disorders. As per the deal, Bristol Myers will make the payment of $55 million to Schrodinger. This deal will also make Schrondinger the receiver of an additional $2.7 billion preclinical, development, regulatory, and sales-based milestone payments.