Bristol Myers signs $380 million CAR-T therapies supply deal with Cellares

A sign stands outside a Bristol Myers Squibb facility in Cambridge

(Reuters) -Drugmaker Bristol Myers Squibb said it has signed a $380 million deal with contract manufacturer Cellares to manufacture its CAR-T cell therapies in the United States, EU and Japan.

The collaboration will help Bristol Myers to expand its manufacturing capacity due to increasing demand. The company said in February it was looking to launch both its CAR-T blood cancer therapies Abecma and Breyanzi in a number of new countries this year.

CAR-T therapy involves removing a patients' own T cells - a key component of the immune system - engineering them to recognize and attack malignant cells, and re-infusing them.

(Reporting by Christy Santhosh; Editing by Shinjini Ganguli)