Bristol-Myers Squibb Pays up to $1.25B for Promedior

Sep 01, 2015

Bristol-Myers Squibb Company and Promedior Inc. have entered into an agreement that grants Bristol-Myers Squibb exclusive rights to acquire Promedior and gain worldwide rights to its lead asset PRM-151, a recombinant form of human pentraxin-2 protein in Phase 2 development for the treatment of idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF).

According to a press release, PRM-151 has been granted Fast Track designation in the U.S. and Orphan designation in the U.S. and Europe for the treatment of MF and Orphan Designation in the U.S. and Europe for the treatment of IPF. Total aggregate payments to Promedior under the agreement have the potential to reach $1.25 billion, which includes an upfront cash payment for the right to acquire Promedior, an exercise fee payable if Bristol-Myers Squibb elects to exercise its right to acquire the company, and subsequent clinical and regulatory milestone payments.

“Bristol-Myers Squibb continues to invest in building a diverse specialty portfolio, focusing on innovative approaches that can transform the treatment landscape for patients with serious diseases,” said Francis Cuss, MB BChir, FRCP, executive vice president and chief scientific officer, Bristol-Myers Squibb.

“We are pleased that Bristol-Myers Squibb has recognized the value of Promedior’s clinically validated approach to directly address the underlying pathology of diseases involving fibrosis,” said Suzanne L. Bruhn, Ph.D., President and Chief Executive Officer of Promedior.

The release also stated that PRM-151 has been shown in multiple preclinical models to regulate monocytes and macrophages at areas of tissue damage to prevent and reverse fibrosis, including IPF, acute and chronic nephropathy, liver fibrosis, and age-related macular degeneration. Promedior has advanced PRM-151 into clinical trials focused on two orphan fibrotic diseases (MF and IPF).

Read the full release

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