Pioneer of checkpoint inhibitors (Opdivo, Yervoy), now betting on the first successful bispecific ADC and alpha radiopharmaceuticals.
Bristol Myers Squibb, based in Princeton and listed as BMY, is the pioneer of checkpoint inhibitors with Opdivo and Yervoy, and it is now betting on the first successful bispecific antibody-drug conjugate and on alpha radiopharmaceuticals. Its portfolio spans nivolumab, ipilimumab and Opdualag, adagrasib from Mirati, the CAR-T products Breyanzi and Abecma, izalontamab brengitecan licensed from SystImmune for 8.4 billion dollars, actinium-225 DOTATATE from the 4.1 billion dollar RayzeBio purchase, and a PD-L1 by VEGF bispecific licensed from BioNTech for 11 billion dollars in 2025. OnCo links it to the ten-year CheckMate 067 follow-up, CheckMate 649 and CheckMate 816 papers, to luspatercept, and to KRAS inhibitors and protein degradation. Whether its large bets on ADCs and radiopharmaceuticals pay off as the nivolumab franchise ages is the open question.
| Date | Deal | Type | Upfront | Total | Source |
|---|---|---|---|---|---|
| 2025-06-02 | BioNTech to Bristol Myers Squibb BNT327 (pumitamig), PD-L1 x VEGF bispecific antibody | Co-development | $1.5bn (plus $2.0bn in non-contingent payments through 2028) | up to $11.1bn | source |
| 2023-12-26 | RayzeBio (BMS) to Bristol Myers Squibb RYZ101 (actinium-225 DOTATATE) and an actinium-based radiopharmaceutical platform | Acquisition | not disclosed | $4.1bn | source |
| 2023-12-11 | SystImmune / Sichuan Biokin to Bristol Myers Squibb Izalontamab brengitecan (BL-B01D1), EGFR x HER3 bispecific ADC | Licence | $800m | up to $8.4bn | source |
| 2023-10-08 | Mirati Therapeutics to Bristol Myers Squibb Adagrasib (Krazati) and MRTX1133 (KRAS G12D) | Acquisition | not disclosed | $4.8bn (plus a contingent value right of up to $1.0bn) | source |
| 2022-06-03 | Turning Point Therapeutics to Bristol Myers Squibb Repotrectinib (Augtyro), ROS1 and NTRK inhibitor | Acquisition | not disclosed | $4.1bn | source |
| 2019-01-03 | Celgene to Bristol Myers Squibb Revlimid, Pomalyst, bb2121 (Abecma), liso-cel (Breyanzi) and the Celgene pipeline | Acquisition | not disclosed | $74bn (plus a contingent value right) | source |
Nivolumab was the second PD-1 blocker and is often combined with ipilimumab. Long-term data show about half of advanced melanoma patients alive at 10 years on the combination.
Ipilimumab was the first checkpoint inhibitor (2011), and proved the immune system could be unleashed against cancer.
Opdualag combines relatlimab, the first drug targeting the LAG-3 immune brake, with nivolumab for melanoma.
Izalontamab brengitecan is the first bispecific ADC to succeed in a phase 3 trial, hitting two growth receptors at once in triple-negative breast cancer.
An alpha-particle version of Lutathera for neuroendocrine tumours that have stopped responding to the beta version.
Adagrasib was the second KRAS G12C inhibitor, with a long half-life and brain penetration, and is approved in lung and colorectal cancer.
Vusolimogene oderparepvec is an engineered herpes virus injected into melanoma tumours, approved in August 2026 with nivolumab after immunotherapy failure.
Navlimetostat is an experimental small-molecule drug from Bristol-Myers Squibb in phase 3 trials for non-small-cell lung cancer and pancreatic ductal adenocarcinoma, aimed at PRMT5 (MTAP-deleted cancers).
Arlocabtagene Autoleucel is an experimental CAR-T cell therapy from Juno Therapeutics, a Bristol-Myers Squibb in phase 3 trials for multiple myeloma, aimed at GPRC5D.
Atigotatug is an experimental monoclonal antibody from Bristol-Myers Squibb in phase 3 trials for non-small-cell lung cancer, with its target not yet stated publicly.
BMS-986365 is an experimental protein degrader from Celgene in phase 3 trials for prostate cancer, aimed at Androgen receptor.
Romidepsin is an epigenetic drug for T-cell lymphomas of the skin and lymph nodes; its US lymph-node indication was withdrawn when a confirmatory trial failed.
Megestrol acetate is a hormone tablet used to ease advanced breast and womb cancer, and as a liquid to improve appetite and weight in people with cancer or AIDS-related wasting.
Hydroxyurea is a cheap, decades-old pill that lowers high blood counts in polycythaemia vera and essential thrombocythaemia and is also the main drug for sickle cell disease.
Etoposide is a chemotherapy from the mayapple plant, essential to curing testicular cancer (BEP), treating small-cell lung cancer, lymphomas, childhood sarcomas and leukaemias, and used in transplant conditioning.
Teniposide is a close relative of etoposide approved in the United States in 1992 for children whose acute lymphoblastic leukaemia has come back after induction, and used in Europe for childhood brain tumours and neuroblastoma.
Carboplatin is a platinum chemotherapy that crosslinks DNA; it is part of the standard pre-surgery regimen for triple-negative breast cancer.
Cisplatin is the original platinum chemotherapy, discovered by accident in 1965; it cures testicular cancer and makes radiation work better in cervical and head and neck cancer.
A gentle chemotherapy that switches silenced genes back on. With venetoclax it became the standard for older people with AML who cannot take intensive treatment.
Bempegaldesleukin was a re-engineered interleukin-2 meant to be a safer version of a famous old immunotherapy. It added nothing to nivolumab in three phase 3 trials.
Dasatinib is a second-generation BCR::ABL1 pill that, combined with the immunotherapy blinatumomab, can put Ph-positive ALL into deep remission with no chemotherapy at all.
An immune-stimulating antibody for myeloma that works only in combination, adding benefit to lenalidomide or pomalidomide.
Enasidenib is the IDH2 counterpart of ivosidenib, approved in the US for relapsed disease but never approved in Europe after it failed to extend survival in a confirmatory trial.
A second JAK inhibitor for myelofibrosis that works after ruxolitinib fails; it carries a boxed warning for a rare brain toxicity (Wernicke encephalopathy) so thiamine is checked.
Golcadomide is a next-generation lenalidomide-like pill that degrades two lymphoma transcription factors far more potently, now in phase 3 with R-CHOP.
Iberdomide is a far more potent successor to lenalidomide, now in phase 3 as post-transplant maintenance and in relapsed disease.
Idecabtagene vicleucel was the first myeloma CAR-T (2021) and is now approved after two prior lines based on KarMMa-3.
Ixabepilone (Ixempra) is a chemotherapy infusion for breast cancer that has stopped responding to anthracyclines, taxanes and capecitabine.
Lenalidomide is a thalidomide descendant that glues the proteins IKZF1 and IKZF3 to cereblon so the cell destroys them, killing plasma cells and rousing T cells. It is the backbone of myeloma treatment and maintenance, also used in mantle cell and follicular lymphoma, and generic since 2022.
Lisocabtagene maraleucel is the only CAR-T approved for chronic lymphocytic leukaemia, for patients whose disease has outrun both BTK and BCL-2 inhibitors.
An injection that helps the marrow finish making red cells, reducing or removing the need for transfusions in lower-risk MDS and beta-thalassaemia.
Mezigdomide is the most potent oral cereblon modulator, producing responses in about 40% of triple-class-refractory myeloma with dexamethasone alone.
MRTX1133 was the first potent chemical tool against KRAS G12D, and proved the mutation could be drugged even though it lacks the reactive handle G12C has.
Paclitaxel bound to albumin so it needs no solvent and no steroid premedication. Adding it to gemcitabine and cisplatin looked promising in a small study of bile duct and gallbladder cancer but did not lengthen life in the 452-patient SWOG S1815 trial.
The third-generation thalidomide analogue for myeloma that has failed lenalidomide, and since 2020 the first new drug for Kaposi sarcoma in two decades.
A ROS1 and NTRK pill that also works after other ROS1 drugs fail, with dizziness as its signature side effect.
Thalidomide is the drug behind the 1960s birth-defect tragedy, rehabilitated as the first immunomodulatory myeloma drug and the parent of lenalidomide and pomalidomide.
Useful for a patient offered adagrasib after chemotherapy or immunotherapy who wants the trial explained without jargon. It adds no new data; the primary KRYSTAL-12 publication and the trial page remain the reference for the numbers.
For patients with advanced melanoma, immunotherapy offers a realistic chance of long-term survival and probably cure, and the ten-year data show that patients who are alive and progression-free at three years rarely die of melanoma afterwards. Nivolumab plus ipilimumab gives the best long-term results but at a high price in serious side effects; nivolumab alone or nivolumab plus relatlimab are alternatives for patients at lower risk or with autoimmune concerns. The trial is also a caution about surrogate endpoints: the survival plateau took years to become visible.
Patients with melanoma that has spread to palpable lymph nodes should now be offered immunotherapy before rather than only after surgery: two cycles of low-dose ipilimumab with nivolumab, then surgery, with the pathology result deciding whether any more treatment is needed. Most patients respond well and are spared a year of adjuvant therapy. Serious side effects are more common than with nivolumab alone, mostly endocrine, and the approach requires close coordination between oncologists, surgeons and pathologists.
For colon cancer that is mismatch-repair deficient (about 10-15% of colon cancers, more in older patients), a single short course of immunotherapy before surgery is now a reasonable standard and is far more effective than chemotherapy, which has little effect in this subtype. It requires testing every colon cancer for mismatch repair at diagnosis, before surgery. Whether some patients can safely skip surgery, as in dMMR rectal cancer, is the next question.
Combination checkpoint blockade became a first-line standard for mismatch repair-deficient metastatic colorectal cancer in 2025; the later all-lines comparison against nivolumab alone showed the CTLA-4 antibody adds to the PD-1 antibody, the first phase 3 to prove that in this disease.
S1826 moved checkpoint blockade into first-line Hodgkin lymphoma and made N-AVD a preferred regimen for advanced disease in patients from adolescence to older age, while removing radiotherapy for most. It also showed the value of a single trial spanning paediatric and adult groups. Longer follow-up is needed for overall survival and late immune effects in young patients.
COMMANDS moved luspatercept from second line (after ESA failure, MEDALIST trial) to first line, offering transfusion-dependent lower-risk MDS patients a better chance of transfusion freedom from the start. It changed guidelines and labels in 2023. Erythropoietin remains a reasonable and cheaper option for patients without ring sideroblasts or with low transfusion burden.
KarMMa-3 was the first randomised evidence that CAR-T beats conventional drugs in myeloma and led to ide-cel's approval after two prior lines. It confirmed that earlier use of CAR-T produces deeper and longer remissions than in the end-stage setting. Because responses are shorter than with cilta-cel and OS was not improved, it also sharpened debate about which BCMA CAR-T to use and when.
Shares A Phase 1/2a, First-in-human, Study of BMS-986517 in Participants With Advanced Solid Tumors, A Study to Assess the Safety and Tolerability of BMS-986525 Alone and in Combination Therapy in Participants With Relapsed/Refractory Small Cell Lung , A Study to Evaluate the Safety, Tolerability, and Efficacy of Pumitamig Alone or in Combination With Other Agents in Participants With Advanced Renal , A Study to Evaluate the Safety and Efficacy of Pumitamig in Combination With Chemotherapy Versus Nivolumab in Combination With Chemotherapy in Participants With Previously Untreated Advanced or Metastatic Gastric, Gastroesophageal Junction, or Esophageal Adenocarcinoma (ROSETTA Gastric-204).
Shares ADMEC-O (adjuvant nivolumab in completely resected Merkel cell carcinoma), CheckMate 057: nivolumab beats docetaxel after chemotherapy in non-squamous lung cancer, Dartmouth Cancer Center, CheckMate 204.
Shares CA184-043, Dartmouth Cancer Center, CheckMate 204, CheckMate 142.
Shares A Study to Compare Iberdomide Maintenance Versus Lenalidomide Maintenance Therapy Following Autologous Stem Cell Transplant in Participants With Newly, A Study to Determine Dose, Safety, Tolerability and Efficacy of CC-220 Monotherapy, and in Combination With Other Treatments in Subjects With Multiple, A Study to Determine the Recommended Dose and Schedule, and Evaluate the Safety and Preliminary Efficacy of Mezigdomide in Combination With Elranatama, A Study to Evaluate Mezigdomide in Combination With Carfilzomib and Dexamethasone (MeziKD) Versus Carfilzomib and Dexamethasone (Kd) in Participants W.
Shares A Study to Compare the Efficacy and Safety of BMS-986393 Versus Standard Regimens in Adult Participants With Relapsed or Refractory and Lenalidomide-exposed Multiple Myeloma (QUINTESSENTIAL-2), Study of Arlocabtagene Autoleucel (BMS-986393) a GPRC5D-directed CAR T Cell Therapy in Adult Participants With Relapsed or Refractory Multiple Myeloma, Arlocabtagene Autoleucel, A Study to Determine the Recommended Dose and Schedule, and Evaluate the Safety and Preliminary Efficacy of Mezigdomide in Combination With Elranatama.
Shares Relatlimab + nivolumab, Topalian 2012: the first large trial of a PD-1 antibody shows durable responses across melanoma, lung and kidney cancer, NICHE-2: a month of nivolumab and ipilimumab before surgery clears mismatch-repair-deficient colon cancer in most patients, Mismatch repair deficient (MSI-high) pancreatic ductal adenocarcinoma.