Bristol-Myers Squibb enters agreement providing exclusive right to acquire Promedior
B-MS will gain worldwide rights to novel PRM-151 in development for fibrotic diseases
Bristol-Myers Squibb and clinical stage immunotherapy company Promedior 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).
PRM-151 has been granted Fast Track designation in the US and Orphan designation in the US and Europe for the treatment of MF and Orphan Designation in the US and Europe for the treatment of IPF. Total aggregate payments to Promedior under the agreement have the potential to reach US$1.25bn, which includes an upfront cash payment for the right to acquire Promedior, an exercise fee payable if B-MS elects to exercise that right, and subsequent clinical and regulatory milestone payments.
'PRM-151 will complement our growing early-stage fibrosis portfolio, and we are excited by its potential to address multiple fibrotic diseases,' said Francis Cuss, executive vice president and chief scientific officer, Bristol-Myers Squibb.
'With the strong strategic fit between our companies, we intend to continue to move PRM-151 forward rapidly as a new treatment option to address the unmet needs of patients with myelofibrosis, idiopathic pulmonary fibrosis, and other fibrotic diseases,' said Suzanne Bruhn, President and Chief Executive Officer of Promedior.
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).
Bristol-Myers Squibb is developing an early stage fibrosis portfolio that includes BMS-986020, a lysophosphatidic acid 1 (LPA1) receptor antagonist in Phase 2 development for the treatment of idiopathic pulmonary fibrosis. Other areas of focus include nonalcoholic steatohepatitis (NASH), systemic sclerosis, and chronic kidney disease.
Additionally, the company has executed a series of agreements aimed at further advancing its fibrosis development program, including an option to acquire Galecto Biotech , a company with an inhaled inhibitor of galectin-3 in Phase 1 development for the treatment of idiopathic pulmonary fibrosis, a research collaboration and license agreement with the California Institute for Biomedical Research (Calibr), and a translational research collaboration with The Medical University of South Carolina.