Bristol-Myers Squibb and Ambrx announced a collaboration under which Bristol-Myers will receive exclusive worldwide rights to research, develop and commercialize biologics based on Ambrx's research surrounding the Fibroblast Growth Factor 21, or FGF-21, protein, for potential use in treating type 2 diabetes, and the Relaxin hormone, for potential use in treating heart failure.

Derivatives of FGF-21 and Relaxin were developed using Ambrx's unique ReCODE platform technology to modify the native proteins with amino acid building blocks beyond the common 20 to engineer enhanced versions for investigation for therapeutic use.

As per the terms of the agreement, Bristol-Myers will make an upfront payment of $24 million to Ambrx. Bristol-Myers will also make potential milestone payments and royalty payments on worldwide sales for both programs. Besides, Bristol-Myers and Ambrx will enter research collaborations for both programs.