Five Prime Therapeutics and Bristol-Myers Squibb Extend Research Term in Collaboration to Discover Novel Immuno-Oncology Ther...
January 04 2017 - 4:05PM
Five Prime Therapeutics, Inc. (Nasdaq:FPRX), a clinical-stage
biotechnology company focused on discovering and developing
innovative immuno-oncology protein therapeutics, today announced
that Bristol-Myers Squibb Company (NYSE:BMY) has exercised its
option to extend the research term of its discovery collaboration
agreement with Five Prime for the discovery, development and
commercialization of immuno-oncology therapies directed toward
targets in three undisclosed immune checkpoint pathways.
The original collaboration agreement was established in March
2014 and focused on two undisclosed immune checkpoint pathways. In
January 2016, the companies added a third immune checkpoint pathway
to the collaboration. Bristol-Myers Squibb has now elected to
extend the research term from its original ending date of March
2017 to March 2018, and will provide additional research funding
for the 12-month extension of the research term.
Bristol-Myers Squibb will utilize Five Prime's discovery
capabilities to advance these three immuno-oncology programs toward
the identification of drug candidates for continued research and
development. Drug candidates developed against targets in these
pathways may be studied either as single agents or in combination
with approved Bristol-Myers Squibb immuno-oncology therapies or
others in development. Five Prime and Bristol-Myers Squibb continue
work on antibody drug candidates targeting these pathways.
Bristol-Myers Squibb has advanced the first antibody from this
collaboration to IND-enabling activities.
"We are pleased that the demonstrated productivity of our unique
research capabilities has prompted Bristol-Myers Squibb, a clear
leader in immuno-oncology, to invest further in our efforts to find
new drug candidates to modulate three checkpoint pathways,” said
Luis Borges, Ph.D., senior vice president of research, at Five
Prime. “Together, we have made significant progress that includes
an antibody candidate that could lead to an IND application for our
collaborator.”
Under the terms of the original agreement, Bristol-Myers Squibb
will obtain exclusive, worldwide rights to develop and
commercialize products directed toward certain protein targets in
the three checkpoint pathways identified by Five Prime prior to and
during the collaboration. Bristol-Myers Squibb paid an upfront fee
of $20 million to Five Prime and will provide up to $11.6 million
in research funding over the course of the entire research term.
Five Prime will be eligible to receive up to $300 million in future
development (including $5 million upon filing of the first IND
application by Bristol-Myers Squibb), regulatory and sales-based
milestone payments per collaboration product and tiered
mid-single-digit rising to low-double-digit royalty payments on net
sales of each product commercialized by Bristol-Myers Squibb.
About Five PrimeFive Prime Therapeutics, Inc.
discovers and develops innovative therapeutics to improve the lives
of patients with serious diseases. Five Prime's comprehensive
discovery platform, which encompasses virtually every medically
relevant extracellular protein, positions it to explore pathways in
cancer, inflammation and their intersection in immuno-oncology, an
area with significant therapeutic potential and a growing focus of
the company's R&D activities. Five Prime has entered into
strategic collaborations with leading global pharmaceutical
companies and has promising product candidates in clinical and late
preclinical development. For more information, please visit
www.fiveprime.com.
Cautionary Note on Forward-looking
StatementsThis press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "may," "will," "expect," "plan,"
"anticipate," "estimate," "intend" and similar expressions (as well
as other words or expressions referencing future events, conditions
or circumstances) are intended to identify forward-looking
statements. These forward-looking statements are based on Five
Prime's expectations and assumptions as of the date of this press
release. Each of these forward-looking statements involves risks
and uncertainties. Actual results may differ materially from these
forward-looking statements. Forward-looking statements contained in
this press release include statements regarding (i) Bristol-Myer
Squibb's potential development and commercialization of products to
targets in three checkpoint pathways; and (ii) Five Prime's
potential receipt of milestone payments and royalties with respect
to these products. Many factors may cause differences between
current expectations and actual results including unexpected safety
or efficacy data observed during research, preclinical or clinical
studies, changes in expected or existing competition, changes in
the regulatory, pricing or reimbursement environment, and
unexpected litigation or other disputes. Other factors that
may cause actual results to differ from those expressed or implied
in the forward-looking statements in this press release are
discussed in Five Prime's filings with the U.S. Securities and
Exchange Commission, including the "Risk Factors" contained
therein. Except as required by law, Five Prime assumes no
obligation to update any forward-looking statements contained
herein to reflect any change in expectations, even as new
information becomes available.
CONTACTS:
Heather Rowe
Investor Relations
415-365-5737
heather.rowe@fiveprime.com
Amy Kendall
Corporate Communications
415-365-5776
amy.kendall@fiveprime.com
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