Could the world’s best-selling drug have competition on the way? American pharmaceutical giant Bristol Myers Squibb agreed Monday to pay up to $11.1 billion to partner with Germany’s BioNTech and co-develop its next-generation immunotherapy for cancer,

Bristol Myers Squibb has agreed to pay up to $11.1 billion to partner with Germany's BioNTech and develop the latter's next-generation cancer immunotherapy, which could take on rival Merck & Co's best-selling drug Keytruda.

Bristol Myers Squibb and BioNTech to co-develop cancer immunotherapy BNT327 in a deal worth up to $11.1 billion.