Bristol-Myers Squibb Company (BMY) and Promedior, Inc. announced an agreement that grants Bristol-Myers Squibb an exclusive right to acquire Promedior, a clinical stage immunotherapy company pioneering the development of targeted therapeutics to treat fibrotic diseases, and gain worldwide rights to its lead product PRM-151, a recombinant form of human pentraxin-2 protein in Phase 2 development for the treatment of idiopathic pulmonary fibrosis and myelofibrosis.
Bristol-Myers said total payments to Promedior 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. The upfront cash payment amounts to $150 million as consideration for both the right to acquire Promedior and as payment for services in support of the MF and IPF Phase 2 clinical trials.
It is anticipated that the Phase 2 trials in myelofibrosis and idiopathic pulmonary fibrosis will be initiated in the coming weeks. Bristol-Myers Squibb can exercise its right to acquire Promedior upon completion of either of these trials.
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 myelofibrosis and Orphan Designation in the U.S. and Europe for the treatment of idiopathic pulmonary fibrosis.
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