Bristol Myers Squibb is turning to the prime-editing technology of Prime Medicines for the R&D of new cell therapies for cancer and immunology. The pharma giant is paying $110 million up front to begin the collaboration.
Prime Medicine has yet to test prime editing in humans, but the biotech company garnered enough investor interest to boost the size of its IPO, raising $175 million. Prime claims its technology has key advantages over other gene-editing technologies and the IPO cash will support a pipeline that currently spans 18 programs.
The progress in artificial intelligence (AI) is reshaping patient care, across various dimensions, from facilitating faster discharge to curating treatment plans and suggesting lifestyle changes.
Third Harmonic Bio’s stock market debut was the only biotech IPO that crossed the $100 million threshold in the third quarter as the slowdown in IPO activity showed little sign of changing. Small deals continue to represent most of the IPO activity.
Prime Medicine likens its gene-editing technology to a word processor that searches for the correct place in the genome to make an edit, replacing or repairing a wide variety of target DNA. The preclinical biotech is now spelling out its future plans with the letters I-P-O.
Beam formed the agreement with Prime Medicine, which was founded by one of its own co-founders based on research at The Broad Institute of Harvard and MIT.