Collaboration brings together Century’s
industry leading iPSC-derived allogeneic cell therapy platform with
Bristol Myers Squibb’s expertise in cell therapy and oncology drug
development
First two programs include a program in
acute myeloid leukemia and a program in multiple myeloma, which
could incorporate either the iNK or a gamma delta iT
platform
Century Therapeutics will receive $150M in
cash ($100M upfront payment and $50M equity investment), with
potential for additional $3B in payments plus royalties on global
net product sales across multiple programs in hematologic
malignancies and solid tumors
Century Therapeutics (NASDAQ: IPSC) and Bristol Myers Squibb
(NYSE: BMY) announced today a research collaboration and license
agreement (the “agreement”) to develop and commercialize up to four
induced pluripotent stem cell (“iPSC”) derived, engineered natural
killer cell (“iNK”) and / or T cell (“iT”) programs for hematologic
malignancies and solid tumors. The first two programs include a
program in acute myeloid leukemia and a program in multiple
myeloma, which could incorporate either the iNK or a gamma delta iT
platform. Bristol Myers Squibb has the option to add two additional
programs which can be nominated subject to certain conditions
agreed with Century in the agreement.
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“We are pleased to partner with Bristol Myers Squibb, a global
leader in oncology and hematology, to further expand our pipeline
of iPSC-derived cell therapy products for challenging hematological
and solid tumor malignancies,” said Lalo Flores, Chief Executive
Officer, Century Therapeutics. “Bristol Myers Squibb is an ideal
partner for us because they bring extensive clinical development
and scientific expertise in cell therapy that will increase the
probability of technical success of these programs. Additionally,
this collaboration will enable deployment of our next-generation
iPSC platform to develop products targeting malignancies that are
difficult for biotech companies to tackle on their own.”
“The collaboration with Century Therapeutics is an important
part of our investment strategy in next-generation cell therapies
for hematologic and solid tumors,” said Rupert Vessey, M.A., B.M.,
B.Ch., F.R.C.P., D.Phil., Executive Vice President & President,
Research & Early Development, Bristol Myers Squibb. “Century’s
iPSC-based gamma delta T and NK cell platforms show promise and are
complementary to Bristol Myers Squibb’s existing cell therapy
technologies. We look forward to exploring the full potential of
the iPSC approach to develop potentially best-in-class allogeneic
cell therapies to help patients with hematologic and solid tumor
malignancies.”
Terms of the Collaboration
Century will be responsible for development candidate discovery
and preclinical development activities. Thereafter, Bristol Myers
Squibb will be responsible for clinical development and
commercialization activities subject to Century’s co-promotion
rights on certain programs. Under the terms of the agreement,
Century will receive a $100 million upfront payment and Bristol
Myers Squibb will make a $50 million equity investment in Century
Therapeutics’ common stock at a price of $23.14 per share. In
addition, Century will receive reimbursement of certain preclinical
development costs for development candidates licensed by Bristol
Myers Squibb, and is eligible for additional payments for future
program initiations and development, regulatory, and commercial
milestone payments totaling more than $3 billion across the four
potential programs.
Century will also receive tiered royalties as a percentage of
global net sales in the high-single to low-double digits. In
addition, under the agreement, Century may elect to co-promote the
AML program and one of the additional programs in the United States
for no exercise fee which will also trigger enhanced U.S.
royalties.
As part of this transaction, Century has amended its agreements
with FUJIFILM Cellular Dynamics for Japanese development and
commercialization rights for the products under the Bristol Myers
Squibb collaboration.
Bristol Myers Squibb: Creating a Better Future for People
with Cancer
Bristol Myers Squibb is inspired by a single vision—transforming
patients’ lives through science. The goal of the company’s cancer
research is to deliver medicines that offer each patient a better,
healthier life and to make cure a possibility. Building on a legacy
across a broad range of cancers that have changed survival
expectations for many, Bristol Myers Squibb researchers are
exploring new frontiers in personalized medicine, and through
innovative digital platforms, are turning data into insights that
sharpen their focus. Deep scientific expertise, cutting-edge
capabilities and discovery platforms enable the company to look at
cancer from every angle. Cancer can have a relentless grasp on many
parts of a patient’s life, and Bristol Myers Squibb is committed to
taking actions to address all aspects of care, from diagnosis to
survivorship. Because as a leader in cancer care, Bristol Myers
Squibb is working to empower all people with cancer to have a
better future.
Learn more about the science behind cell therapy and ongoing
research at Bristol Myers Squibb here.
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, Facebook, and
Instagram.
About Century Therapeutics
Century Therapeutics (NASDAQ: IPSC) is harnessing the power of
adult stem cells to develop curative cell therapy products for
cancer that we believe will allow us to overcome the limitations of
first-generation cell therapies. Our genetically engineered,
iPSC-derived iNK and iT cell product candidates are designed to
specifically target hematologic and solid tumor cancers. We are
leveraging our expertise in cellular reprogramming, genetic
engineering, and manufacturing to develop therapies with the
potential to overcome many of the challenges inherent to cell
therapy and provide a significant advantage over existing cell
therapy technologies. We believe our commitment to developing
off-the-shelf cell therapies will expand patient access and provide
an unparalleled opportunity to advance the course of cancer care.
For more information on Century Therapeutics please visit
www.centurytx.com.
Bristol Myers Squibb Cautionary Statement Regarding
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding, among other things, the research, development and
commercialization of pharmaceutical products and the agreement. All
statements that are not statements of historical facts are, or may
be deemed to be, forward-looking statements. Such forward-looking
statements are based on current expectations and projections about
our future financial results, goals, plans and objectives and
involve inherent risks, assumptions and uncertainties, including
internal or external factors that could delay, divert or change any
of them in the next several years, that are difficult to predict,
may be beyond our control and could cause our future financial
results, goals, plans and objectives to differ materially from
those expressed in, or implied by, the statements. These risks,
assumptions, uncertainties and other factors include, among others,
that the expected benefits of, and opportunities related to, the
agreement may not be realized by Bristol Myers Squibb or may take
longer to realize than anticipated, that Bristol Myers Squibb may
fail to discover and develop any commercially successful
iPSC-derived, engineered iNK and/or iT cell product candidates
through the agreement, that such product candidates may not receive
regulatory approval for the indications described in this release
in the currently anticipated timeline or at all, and if approved,
whether such product candidates for such indications described in
this release will be commercially successful. No forward-looking
statement can be guaranteed. Forward-looking statements in this
press release should be evaluated together with the many risks and
uncertainties that affect Bristol Myers Squibb’s business and
market, particularly those identified in the cautionary statement
and risk factors discussion in Bristol Myers Squibb’s Annual Report
on Form 10-K for the year ended December 31, 2020, as updated by
our subsequent Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K and other filings with the Securities and Exchange
Commission. The forward-looking statements included in this
document are made only as of the date of this document and except
as otherwise required by applicable law, Bristol Myers Squibb
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, changed circumstances or otherwise.
Century Therapeutics Forward-Looking Statement
This press release contains forward-looking statements within
the meaning of, and made pursuant to the safe harbor provisions of,
The Private Securities Litigation Reform Act of 1995. All
statements contained in this press release, other than statements
of historical facts or statements that relate to present facts or
current conditions, including but not limited to, statements
regarding our collaboration with Bristol Myers Squibb and our
clinical development plans for existing and new product candidates
are forward-looking statements. These statements involve known and
unknown risks, uncertainties and other important factors that may
cause our actual results, performance, or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. In some cases, you can identify forward-looking
statements by terms such as “may,” “might,” “will,” “should,”
“expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,”
“predict,” “forecast,” “potential” or “continue” or the negative of
these terms or other similar expressions. The forward-looking
statements in this presentation are only predictions. We have based
these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our business, financial
condition, and results of operations. These forward-looking
statements speak only as of the date of this press release and are
subject to a number of risks, uncertainties and assumptions, some
of which cannot be predicted or quantified and some of which are
beyond our control, including, among others: our ability to
successfully advance our current and future product candidates
through development activities, preclinical studies, and clinical
trials; our reliance on the maintenance of certain key
collaborative relationships for the manufacturing and development
of our product candidates; the timing, scope and likelihood of
regulatory filings and approvals, including final regulatory
approval of our product candidates; the impact of the COVID-19
pandemic on our business and operations; the performance of third
parties in connection with the development of our product
candidates, including third parties conducting our future clinical
trials as well as third-party suppliers and manufacturers; our
ability to successfully commercialize our product candidates and
develop sales and marketing capabilities, if our product candidates
are approved; and our ability to maintain and successfully enforce
adequate intellectual property protection. These and other risks
and uncertainties are described more fully in the “Risk Factors”
section of our most recent filings with the Securities and Exchange
Commission and available at www.sec.gov. You should not rely on
these forward-looking statements as predictions of future events.
The events and circumstances reflected in our forward-looking
statements may not be achieved or occur, and actual results could
differ materially from those projected in the forward-looking
statements. Moreover, we operate in a dynamic industry and economy.
New risk factors and uncertainties may emerge from time to time,
and it is not possible for management to predict all risk factors
and uncertainties that we may face. Except as required by
applicable law, we do not plan to publicly update or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events, changed circumstances or
otherwise.
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Century Therapeutics Contact: Company: Elizabeth
Krutoholow – investor.relations@centurytx.com Investors: Melissa
Forst/Maghan Meyers - century@argotpartners.com Media: Joshua R.
Mansbach - century@argotpartners.com
Bristol Myers Squibb Media: +1 609-252-3345,
media@bms.com
Investors: Tim Power, +1 609-252-7509, timothy.power@bms.com or
Nina Goworek, +1-908-673-9711, nina.goworek@bms.com
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