Bristol to Pay BioNTech Up to $11.1 Billion in Cancer Deal (2)

Bristol-Myers Squibb Co. will pay BioNTech SE as much as $11.1 billion to license a next-generation cancer drug, as competition intensifies in an area of oncology that seeks to harness the immune system to attack tumors.

The German biotech will receive $1.5 billion upfront and $2 billion in installments through 2028, the companies said Monday. BioNTech will also be eligible for as much as $7.6 billion in milestone payments, and the partners will split development and manufacturing costs and profits equally.

It’s the latest in a slew of deals as pharmaceutical companies battle for a share of a market currently ...