Bristol-Myers buys rights to fibrosis drug for up to $1.25 billion

31 Aug 2015 | Author: | No comments yet »

Bears of the Day – Bristol-Myers Squibb (BMY), BB&T (BBT), Agilent Technologies (A), Koninklijke Philips (PHG).

NEW YORK & LEXINGTON, Mass., Aug 31, 2015 (BUSINESS WIRE) — Bristol-Myers Squibb Company BMY, -0.35% and Promedior, Inc. announced the companies have entered into an agreement that grants Bristol-Myers Squibb an exclusive right 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).Bristol-Myers Squibb (NYSE:BMY) had its price target decreased by Jefferies Group from $64.00 to $59.00 in a research report released on Thursday, Market Beat Ratings reports.

Birmingham, West Midlands – (Techsonian) August 31, 2015 – Elitestockpicks.com is a Stock newsletter website that provides free daily alerts on hot Moving stocks. We look forward to a fruitful, long-term collaboration, delivering new therapies for cancer patients.” QIMR Berghofer Medical Research Institute is a world leading translational research institute focused on cancer, infectious diseases, mental health and a range of complex disorders. Surgery, radiation, cytotoxic or targeted therapies have represented the mainstay of cancer treatment over the last several decades, but long-term survival and a positive quality of life have remained elusive for many patients with advanced disease. To address this unmet medical need, Bristol-Myers Squibb is leading research in an innovative field of cancer research and treatment known as Immuno-Oncology, which involves agents whose primary mechanism is to work directly with the body’s immune system to fight cancer.

BMO Capital Markets reiterated a buy rating and issued a $82.00 price objective (up previously from $75.00) on shares of Bristol-Myers Squibb in a report on Monday, July 20th. Working in close collaboration with clinicians and other research institutes, our aim is to improve health by developing new diagnostics, better treatments and prevention strategies. Fibrotic diseases are characterized by the formation of excess fibrous connective tissue in an organ or tissue, compromising function and ultimately leading to organ failure. This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding the research, development and commercialization of pharmaceutical products.

The company traded with the decline of -0.32% and closed at $37.11, after total volume of 3.87 million shares, as compared to average volume of 5.47 million shares. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed.Among other risks, there can be no guarantee that the collaboration agreement mentioned in this release will lead to identifying a pre-clinical candidate.

Myelofibrosis is a serious, life-limiting blood cancer, characterized by fibrosis of the bone marrow which prevents the normal production of blood cells, leading to anemia, fatigue, and increased risk of bleeding and infection. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Steven Gross, a faculty member in the Department of Pharmacology at Weill Cornell Medical College, in New York, N.Y., to advance research in amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease. Agilent will provide the latest mass spectrometry technology to support his research, working toward an understanding of how the most common form of this disease develops in the body.

Fibrosis is a common feature of several rare diseases as well as more prevalent illnesses such as age related macular degeneration, diabetic nephropathy, nonalcoholic steatohepatitis (NASH), and several types of solid tumors. Promedior is backed by leading global healthcare investors, including Easton Capital Investment Group, Fibrotec Ventures LLC, Forbion Capital Partners, HealthCare Ventures, LLC, Morgenthaler Ventures, Polaris Partners, BioMed Ventures, and Shire plc.

Koninklijke Philips NV (ADR) (NYSE:PHG) reported that the Company announced its presence at ESC Congress 2015, where the company showcased its latest cardiology solutions, including Heart ModelA.I., EchoNavigator and IntelliSpace Cardiovascular, that connect people and technology with care protocols to assist diagnosis, guide treatment and enable home care. Royal Philips (NYSE:PHG) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting.

The Company encourages using its products directly to healthcare professionals and providers, including doctors, nurse practitioners, physician assistants, pharmacists, technologists, hospitals, Pharmacy Benefit Managers (PBMs) and Managed Care Organizations (MCOs). It also provides tips about the use of its own products to consumers in the United States through direct-to-consumer print, radio, tv, and digital marketing and promotion. Receive News & Ratings for Bristol-Myers Squibb Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Bristol-Myers Squibb and related companies with Analyst Ratings Network’s FREE daily email newsletter.

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