UPDATE 1-Bristol-Myers buys rights to acquire fibrosis drug developer

31 Aug 2015 | Author: | No comments yet »

Bristol-Myers Makes $150M Bet on Promedior, Fibrosis Drug.

NEW YORK – Bristol-Myers Squibb Co. is paying up to $1.25 billion for the rights to a developing fibrosis drug in a deal that also gives it the right buy drug developer Promedior Inc.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).

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. Exelon Corp. on Monday reaffirmed its commitment to buying Pepco Holdings Inc., after utility regulators for the District of Columbia rejected the $6.8 billion deal last week. Under the terms of the deal, Bristol-Myers Squibb will make an upfront payment of $150 million as consideration to buy rights to the drug candidate and Promedior.

Candle-and-home-fragrance company Blyth Inc. said Monday that it would be acquired by investment firm Carlyle Group LP for $98 million, a 105% premium to Friday’s closing price. 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. Amicus Therapeutics Inc. on Monday agreed to buy Scioderm Inc., a privately held maker of treatments for rare diseases, for about $229 million in cash and stock. 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.

Eni SpA said Sunday it made a massive natural-gas discovery off the coast of Egypt, in what the Italian oil-and-gas company is calling the largest-ever find in the Mediterranean Sea. 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. Some other deals include Biogen’s (NASDAQ: BIIB) buyout of a Boston area startup called Stromedix for an IPF drug in 2012, and most recently, Roche’s $8.3 billion acquisition of Intermune in August of last year.

Myelofibrosis, meanwhile, is a rare and potentially fatal kind of leukemia with only one approved drug—Incyte’s (NASDAQ: INCY) ruxolitinib (Jakafi). 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. 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. Still, there are plenty of other companies developing MF drugs, among them Gilead Sciences (NASDAQ: GILD), Geron (NASDAQ: GERN), and CTI Biopharma (NASDAQ: CTIC).

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. PRM-151 has been given orphan drug designations from FDA and European regulators in both MF and IPF, and Bristol expects to begin Phase 2 trials of the drug in both diseases “in the coming weeks.” Bristol can decide whether to buy Promedior after at least one of those trials wrap up.

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.

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