Bristol-Myers Squibb Company and Innate Pharma S.A. have
announced a global agreement for the development and commercialization of
IPH2102, a novel antibody in Phase I development for the treatment of cancer.

Under the terms of the agreement, Innate Pharma will grant
to Bristol-Myers Squibb exclusive worldwide rights to develop, manufacture and
commercialize IPH2102 and related compounds blocking KIR receptors. The
agreement covers all potential indications for IPH2102. Innate Pharma will
continue to develop IPH2102 in acute myeloid leukemia (AML) through to the end
of Phase II. Innate Pharma will also provide pre-clinical support for the
development of IPH2102.

Bristol-Myers Squibb will fund the development of IPH2102,
make an upfront payment of $35 million and additional payments of up to $430 million,
depending on the achievement of pre-specified milestones during the development
and commercialization period, as well as pre-specified tiered double-digit
royalty payments on worldwide net sales.

“Bristol-Myers Squibb is dedicated to helping patients
prevail over cancer,” said Francis Cuss, senior vice president, Research, Bristol-Myers
Squibb. “To help us in this mission, we are very pleased to join forces
with Innate Pharma which has developed a deep understanding of the immune
system. Working together we have the opportunity to develop IPH2102, a
potential first-in-class biologic that may be able to harness a patient’s
immune system in the fight against cancer.” “Bristol-Myers Squibb’s
String of Pearls strategy seeks to establish collaborations with leading
innovator companies across the globe” said Mike Seeley, general manager, France,
Bristol-Myers Squibb. “We are excited to establish an important such
collaboration in France
with Innate Pharma, a pioneer in the field of innate immunity. This collaboration
highlights our commitment to France,
the French biotech community and to immuno-oncology, an area in which
Bristol-Myers Squibb has developed a robust pipeline including
ipilimumab.” “This agreement is the largest biotech licensing deal
ever signed in France.
Entering such a collaboration with Bristol-Myers Squibb gives Innate Pharma a
strong validation of the key concepts of its science”, said Herve Brailly,
Chief Executive Officer, Innate Pharma. “Bristol Myers Squibb is a global
leader in the field of immuno-oncology and therefore the best possible partner
to fully realize the potential of IPH2102 and we look forward to this
collaboration.”