Bristol-Myers Squibb Enters into Separate Agreements with Biogen & Roche to License Anti-eTau & Anti-Myostatin Compounds, Res...
April 13 2017 - 6:59AM
Business Wire
- Bristol-Myers Squibb to receive a
combined $470M upfront, along with potential milestone payments and
tiered double-digit royalties from each company
Bristol-Myers Squibb Company (NYSE:BMY) today
announced that it has entered into two separate agreements to
license BMS-986168, an anti-eTau compound in development for
Progressive Supranuclear Palsy (PSP), to Biogen (NASDAQ:BIIB), and
BMS-986089, an anti-myostatin adnectin in development for Duchenne
Muscular Dystrophy (DMD), to Roche.
“Licensing these assets to Biogen and Roche will enable
Bristol-Myers Squibb to prioritize the other promising
opportunities for asset development that have advanced across our
diversified portfolio,” said Mike Burgess, head of Cardiovascular,
Fibrosis and Immunoscience Development, Bristol-Myers Squibb. “We
recognize the significant unmet medical needs for patients with PSP
and with DMD, and are pleased to put the future development of
these compounds into the hands of Biogen and Roche, who both have
strong capabilities, focus and leadership in neurodegenerative and
rare diseases.”
Under the agreement to license BMS-986168, Biogen will pay to
Bristol-Myers Squibb an upfront payment of $300 million with
potential milestone payments of up to $410 million. Biogen also
will assume all remaining obligations to the former stockholders of
iPierian, Inc. related to Bristol-Myers Squibb’s acquisition of the
company in 2014. Under the agreement to license BMS-986089, Roche
will pay to Bristol-Myers Squibb an upfront payment of $170 million
with potential milestone payments of up to $205 million.
Bristol-Myers Squibb will receive tiered double-digit royalties if
either asset is approved and commercialized. These agreements are
subject to clearance under the Hart-Scott-Rodino Antitrust
Improvements Act, and are expected to close in the second quarter
of 2017.
About BMS-986168 and BMS-986089
BMS-986168 is a monoclonal antibody designed to bind to and
decrease levels of extracellular Tau (eTau) protein. It is
currently being investigated as a treatment option for patients
with PSP, with the potential for future development in other
neurodegenerative diseases such as Alzheimer’s disease.
BMS-986089 is a novel fusion protein designed to suppress
myostatin, a negative regulator of muscle growth. It is currently
being investigated as a treatment option for patients with DMD, and
has the potential for study in other neuromuscular disorders.
About Bristol-Myers
Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol-Myers Squibb, visit us at BMS.com or
follow us on LinkedIn, Twitter, YouTube and Facebook.
Bristol-Myers Squibb Forward-Looking Statement
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. No forward-looking
statement can be guaranteed. Among other risks, there can be
no guarantee that the compounds discussed in this release will be
successfully developed or approved for any of the indications
described in this release. Forward-looking statements in this
press release should be evaluated together with the many
uncertainties that affect Bristol-Myers Squibb's business,
particularly those identified in the cautionary factors discussion
in Bristol-Myers Squibb's Annual Report on Form 10-K for the year
ended December 31, 2016 in our Quarterly Reports on Form 10-Q and
our Current Reports on Form 8-K. Bristol-Myers Squibb
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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Bristol-Myers SquibbMedia:Ken Dominski,
609-252-5251ken.dominski@bms.comorChrissy Trank,
609-252-5609Christina.trank@bms.comorInvestors:Tim Power,
609-252-7509timothy.power@bms.comorBill Szablewski,
609-252-5894william.szablewski@bms.com
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