OliPass is focused on developing antisense medicines based on peptide nucleic acid (PNA) technology.
As part of the deal, BMS will make an up-front payment as well as offer certain research support payments to continue development of the technology, while OliPass will be eligible to receive additional payments upon completion of certain objectives.
Additionally, OliPass will be eligible to receive development milestones and royalties on the sales of each product licensed to BMS as well as for other milestones based on the level of licensed product sales.
OliPass founder and chief executive officer Dr Shin Chung said: "This strategic alliance with Bristol-Myers Squibb demonstrates that our innovative PNA platform has the potential to generate novel antisense therapeutics.
"We look forward to collaborating with Bristol-Myers Squibb to validate our platform and advance our unique PNA-based compounds into development."