The offering includes $750 million in 1.6% senior notes due in 2019 and $750 million in 3.3% senior notes due in 2027, according to the New York-based company.
Bristol-Myers said it plans to use the proceeds from the offering to fund its share repurchase program, as well as for general corporate purposes.
Goldman Sachs & Co., Morgan Stanley & Co., Merrill Lynch and others are acting as joint book-running managers.
According to the agreement, the biopharmaceutical giant will pay PsiOxus $50 million upfront and will assume responsibility for global clinical development and commercialization. PsiOxus will be eligible for $886 million in development, regulatory and sales-based milestones. Bristol-Myers will be responsible for funding the preclinical development of NG-348.
Oncolytic virus therapy makes use of modified viruses that replicate only within tumor cells and stimulate an inflammatory response in the tumor microenvironment. UK-based PsiOxus arms the virus with 2 immuno-therapeutic transgenes using its tumor-specific immuno-gene therapy platform (T-SIGn).
In June 2016, the 2 companies collaborated to study PsiOxus’ ‘unarmed’ oncolytic adenovirus therapeutic, enadenotucirev.