Tempus AI lands $192.5 million data deal with Bristol-Myers Squibb and Pathos

Tempus AI, Inc. entered into agreements with Bristol-Myers Squibb Company and Pathos AI, Inc. that will generate aggregate cash payments of $192.5 million over approximately five years. The deals expand access to Tempus's de-identified multimodal data and machine learning tools for therapeutic product development.

The financial commitment is split between two distinct agreements. Under the oncology agreement, Bristol-Myers Squibb will pay $137.5 million in fixed payments over the term. The neurology agreement with Pathos provides for up to $55 million in fees, contingent on the delivery of specific patient records. Tempus filed the details with the U.S. Securities and Exchange Commission on October 23, 2026.

The oncology component is structured as a Statement of Work signed on October 14, 2026, under an existing Master Services Agreement first dated in 2018. This arrangement allows Bristol-Myers Squibb to license multimodal records from Tempus's de-identified oncology dataset. The pharma company will also gain access to Tempus's Lens software for data analysis and receive related research services. The scope of the license permits Bristol-Myers Squibb to use the data with Pathos's Foundry drug development platform. The agreement runs until December 31, 2031, with quarterly invoicing and a provision for early termination upon 12 months' notice and a substantial fee.

The neurology component consists of an Order Form signed on October 22, 2026, alongside a side letter involving all three parties. Tempus is obligated to use commercially reasonable efforts to deliver 500,000 de-identified records of patients with Alzheimer's disease or other neurological conditions. The delivery schedule targets 100,000 records per year over a five-year term. Pathos will pay $100 per delivered record, totaling $50 million in data license fees, plus $5 million for record updates.

Because the data license fees are tied to delivery volume, Tempus's total earnings under this portion depend on its ability to meet the record delivery targets. Pathos receives a license to a tool called the Tempus Agent, which allows for the interrogation and analysis of the licensed data. The side letter confirms Tempus's consent to Pathos sublicensing these data assets to Bristol-Myers Squibb for therapeutic development.

The agreements also establish exclusivity protections for the neurology data. Tempus agreed not to license the applicable records to any third party other than Bristol-Myers Squibb, Pathos, and certain subcontractors during a specific period. This window begins when a record is first delivered to Pathos and ends 18 months after the later of that delivery date or October 22, 2027.

Transactions between Tempus and Pathos are subject to Tempus's Related Person Transaction Policy due to overlapping executive leadership and equity ownership. Consequently, a special committee of disinterested directors on Tempus's Board reviewed and approved the neurology agreements under delegated authority.