After Bristol Myers pulls out of collaboration, Ikena Oncology lays off 35% of staff and trims cancer pipeline
19 Jan 2024
License out/inAcquisitionPROTACsClinical Trial Failure
Ikena Oncology is cutting 35% of its workers to help fund two oncology candidates after dumping two other cancer assets it was slated to work on with Bristol Myers Squibb. With the Big Pharma deciding to walk away, the biotech lost out on a $90 million fee.
Bristol Myers informed Ikena on Wednesday it will not continue to partner on the biotech’s IK-412 and IK-175 programs, prompting Ikena to scrap the assets, according to an
SEC filing
. Ikena
would have received
$50 million from BMS for IK-175 and $40 million for IK-412 if the exercised options were taken. The biotech is now seeking other options for both assets, including out-licensing options.
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