Bristol-Myers Squibb Co. (BMY: Quote) has entered into a clinical collaboration agreement with Eli Lilly and Co. (LLY: Quote) to explore combination regimens from its immuno-oncology portfolio with other mechanisms of action that may accelerate the development of new treatment options for patients.

As per the agreement terms, a phase 1/2 trial will evaluate Bristol-Myers Squibb's approved immunotherapy Opdivo in combination with Lilly's investigational Galunisertib as a potential treatment option for patients with advanced (metastatic and/or unresectable) glioblastoma, hepatocellular carcinoma and non-small cell lung cancer.

Opdivo is approved by FDA for intravenous use for the treatment of patients with unresectable or metastatic melanoma while Galunisertib is currently under investigation as an oral treatment for advanced/metastatic malignancies, including phase 2 evaluation in hepatocellular carcinoma, myelodysplastic syndromes (MDS), glioblastoma, and pancreatic cancer.

In other related news, Lilly has also entered into a collaboration agreement with Merck & Co. Inc. (MRK: Quote) to evaluate the safety, tolerability and efficacy of Merck's KEYTRUDA in combination with Lilly compounds in multiple clinical trials.

Merck's KEYTRUDA was granted accelerated approval by FDA last September for unresectable or metastatic melanoma with disease progression following Ipilimumab and, if BRAF V600 mutation positive, a BRAF inhibitor.

BMY closed Tuesday's trading at $63.12, up 1.51%.

Celsus Therapeutics plc (CLTX: Quote) has completed enrollment in its phase II study evaluating the safety and efficacy of MRX-6 cream 2% in a pediatric population with mild to moderate atopic dermatitis.

The topline data from the trial are expected by end-February, 2015.

CLTX closed Tuesday's trading 10.39% higher at $5.95.

Cellular Dynamics International (ICEL: Quote) has entered into a research collaboration with privately-held Cord Blood Registry to reprogram newborn stem cells into induced pluripotent stem cells.

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LLY Collaborates With BMY And MRK, CLTX On Watchlist, ZLTQ Continues To Grow