Bristol Myers Squibb (BMY) terminated a partnership with cell therapy manufacturer Cellares. The canceled deal was potentially worth $380 million. The collaboration focused on manufacturing BMY's CAR-T cell therapies. This included the blood cancer treatment Breyanzi. BMY stated its evaluation determined Cellares' automated Cell Shuttle platform could not meet requirements. These requirements concerned commercial-scale production of the therapy.
The decision forced Cellares, a private startup, to restructure. It also led to staff layoffs. The BMY partnership was Cellares' largest. It was also the company's first for commercial therapy batches. Cellares' CEO publicly announced the loss of a "large pharmaceutical customer." The CEO also cited a subsequent need to "resize the company."