BioNTech’s oncology strategy centers on a bispecific antibody that the company envisions as the backbone of many potential drug combinations for many types of cancer. Bristol Myer Squibb is buying into that strategy, paying $1.5 billion up front to partner on the clinical-stage asset, which could have applications as part of combinations with the pharmaceutical giant’s own immunotherapies and other cancer drugs.

The deal announced Monday calls for both companies to share in the development and manufacturing of the bispecific antibody, BNT327, as a monotherapy and in combination with other drugs. Each company retains the right to independently develop BNT327 independently in more indications and drug combinations, including combinations with their respective drug assets.

A bispecific an

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