Tempus Signs $192.5M Five-Year Data Licensing Deals With BMS and Pathos AI
TEM sits 55% above its 52-week low of $40.77.
Summary
Tempus signed agreements with Bristol-Myers Squibb and Pathos AI worth $192.5 million in aggregate cash over about five years — $137.5 million fixed from BMS for oncology data and $55 million from Pathos for neurology data and its agentic tool, the latter contingent on record delivery.
Key Events · M&A and Partnerships · TEM
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BMS Oncology Data Deal Worth $137.5M
Signed October 14, 2026 under the existing 2018 Master Services Agreement, the Onco SOW has Tempus licensing de-identified oncology records, granting Lens software access and providing analysis services through December 31, 2031. BMS pays $137.5 million in fixed payments, invoiced quarterly.
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Pathos Neurology Deal Worth Up to $55M
Under the Neuro Order Form signed October 22, 2026, Tempus will deliver 500,000 de-identified Alzheimer's and neurology records at 100,000 per year over five years. That earns $50 million in data license fees at $100 per delivered record plus $5.0 million for record updates.
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Combined $192.5M Over Five Years
Together the two agreements provide aggregate cash payments to Tempus of $192.5 million over approximately five years. The BMS portion is fixed; the Pathos portion depends on actual record delivery.
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Related-Party Review and Exclusivity
A special committee of disinterested directors approved the Pathos agreements under Tempus's Related Person Transaction Policy. A side letter bars Tempus from licensing the applicable neurology records to third parties other than BMS, Pathos and certain subcontractors for 18 months after delivery.
Analysis · TEM · Technology
Two data licensing agreements have locked in $192.5 million of contracted cash for Tempus over roughly five years. The larger piece, $137.5 million from Bristol-Myers Squibb, covers oncology data and Lens software access; the smaller, up to $55 million from Pathos AI, covers neurology records and its agentic analysis tool. Against a company that generated $382.5 million of revenue in Q2 2026, that is meaningful validation of the data-licensing model. The BMS piece is fixed and invoiced quarterly, making it relatively predictable. Less certain is the Pathos piece: $50 million of it is billed at $100 per delivered record, so Tempus earns it only if it actually delivers 500,000 de-identified neurology records at 100,000 per year. Because of overlapping leadership and ownership, the Pathos agreements are related-party transactions reviewed by a special committee of disinterested directors — a governance point investors should note even though it was properly approved.
How filings like this one have moved
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At the time of this filing, TEM was trading at $63.25 on NASDAQ in the Technology sector, with a market capitalization of approximately $11.5B. The 52-week trading range was $40.77 to $93.38. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.