Bristol-Myers Squibb Acquires Cormorant Pharmaceuticals
July 05 2016 - 6:59AM
Business Wire
Gains full-rights to Cormorant’s HuMax-IL8
antibody program and lead asset HuMax-IL8 in Phase 1/2
Development
Broadens Bristol-Myers Squibb’s oncology
pipeline focus on the tumor microenvironment and combination
therapy
Bristol-Myers Squibb Company (NYSE:BMY) and Cormorant
Pharmaceuticals announced today that Bristol-Myers Squibb has
acquired all of the outstanding capital stock of Cormorant, a
private, Stockholm, Sweden-based pharmaceutical company focused on
the development of therapies for cancer and rare diseases. The
acquisition gives Bristol-Myers Squibb full rights to Cormorant’s
HuMax-IL8 antibody program and the lead candidate HuMax-IL8, a
Phase 1/2 monoclonal antibody targeted against interleukin-8 (IL-8)
that represents a potentially complementary immuno-oncology
mechanism of action to T-cell directed antibodies and
co-stimulatory molecules.
IL-8 is a protein expressed by many solid tumors within the
tumor microenvironment that suppresses the immune system and
increases the ability of tumors to metastasize. By targeting IL-8,
HuMax-IL8 offers the potential to enhance immune response and
increase the efficacy of existing cancer medicines through
combination therapy. The rights to HuMax-IL8 were acquired by
Cormorant from Genmab A/S in 2012 under an exclusive license
agreement.
“We believe combination therapy will be foundational to
delivering the potential for long-term survival for patients, and
the opportunity to develop the HuMax-IL8 antibody program together
with our broad Immuno-Oncology pipeline enables us to accelerate
the next wave of potentially transformational immunotherapies,”
said Francis Cuss, MB BChir, FRCP, executive vice president and
chief scientific officer, Bristol-Myers Squibb.
“Bristol-Myers Squibb is the ideal company to maximize the
potential of both Cormorant and the HuMax-IL8 program, and bring
hope to more patients,” said Maarten de Château, M.D., Ph.D., chief
executive officer, Cormorant Pharmaceuticals. “Bristol-Myers Squibb
is the leader in the Immuno-Oncology field, with deep clinical
development and regulatory expertise, and an established commercial
infrastructure to deliver important new therapies to patients
quickly. Bristol-Myers Squibb’s rich pipeline of clinical
candidates and approved products provides even more opportunity for
potential therapeutic synergy when coupled with HuMax-IL8.”
The transaction includes upfront and near term contingent
milestone payments of up to US $95 million and additional
contingent consideration of up to US $425 million upon the
achievement by Bristol-Myers Squibb of certain development and
regulatory milestones.
The transaction has been approved by the boards of directors of
both companies and by the stockholders of Cormorant.
About Cormorant
Cormorant Pharmaceuticals is a privately held, biopharmaceutical
company founded by Maarten de Château and Urban Paulsson. The
company is based at the Karolinska Institute Science Park in
Stockholm, Sweden. Based on mounting research pointing to IL-8
being an important driver of malignant tumors, HuMax-IL8 was
acquired from Genmab A/S and taken into development by Cormorant.
HuMax-IL8, is a fully human monoclonal antibody.
Cormorant engaged Colpman Consulting Ltd as lead business
advisor in the sale process. Wiggin and Dana LLP acted as legal
advisors to the transaction.
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 acquisition will be completed, or that the expected
benefits of the acquisition will be realized. In addition, the
compounds described in this release are subject to all the risks
inherent in the drug development process, and there can be no
assurance that the development of these compounds will be
successful. Forward-looking statements in the 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, 2015, its
Quarterly Reports on Form 10-Q, and 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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version on businesswire.com: http://www.businesswire.com/news/home/20160705005037/en/
Bristol-Myers SquibbMedia:Ken Dominski,
609-252-5251ken.dominski@bms.comorLisa McCormick Lavery,
609-252-7602lisa.mccormicklavery@bms.comorInvestors:Bill
Szablewski,
609-252-5894william.szablewski@bms.comorCormorantMaarten de
Château, M.D., Ph.D.dechateaum@gmail.com
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