Tempus AI Signs Data Deals With Bristol Myers and Pathos AI Worth Up to $192.5 Million

TEM disclosed on Friday two data licensing agreements that it expects to bring in aggregate cash payments of up to $192.5 million over about five years. The larger piece is with BMY: Bristol Myers Squibb will license de-identified multimodal oncology data, Tempus's Lens software and research services through Dec. 31, 2031, for fixed payments totaling $137.5 million invoiced quarterly. BMS can terminate on 12 months' notice plus a termination fee. Tempus shares rose 6% to about $67.62, per SentiSense price data.

The second agreement is with Pathos AI, which will license up to 500,000 de-identified records of patients with Alzheimer's disease and other neurological conditions, delivered at 100,000 a year, for up to $55 million: $50 million in data license fees and $5 million for record updates. A side letter lets Pathos sublicense the data to BMS, which is leading Pathos's Series E financing and gets three-year exclusive rights for neuroscience programs on Pathos's platform.

The structure carries a related-party angle. A special committee of Tempus's board approved the agreements because of overlapping executive leadership and equity ownership with Pathos. The Pathos portion depends on how many records are delivered, so the headline figure is a ceiling rather than a guaranteed total, while the BMS piece is fixed but terminable.

The BMS agreement extends an existing relationship between the two companies. What to watch: how Tempus recognizes the fixed BMS payments in its data and services revenue, the delivery pace of the neurology records, and whether other drugmakers sign similar multi-year data licenses.