Prime Medicine, Inc. (PRME) announced Monday a strategic research collaboration and license agreement with Bristol Myers Squibb (BMY)

Prime Medicine said it will receive a $55 million upfront payment and a $55 million investment from Bristol Myers Squibb. It will is also eligible to receive more than $3.5 billion in milestones, including up to $1.4 billion in development milestones and more than $2.1 billion in commercialization milestones, along with royalties on net sales.