BMS Acquires Promedior for $1.25 Billion
Bristol-Myers Squibb has agreed to pay up to $1.25 billion to acquire Promedior and its lead asset, PRM-151 — currently in Phase 2 development for the treatment of idiopathic pulmonary fibrosis and myelofibrosis.
The FDA has granted fast track and orphan designation to PRM-151, a recombinant form of human pentraxin-2 protein, and orphan designation for IPF. The drug also earned an orphan designation for both indications in the EU.
Under terms of the deal, BMS will pay $150 million upfront for the right to acquire Promedior and for services related to two Phase 2 clinical trials of PRM-151. Once the trials are completed, if BMS exercises its right, it will pay up to another $1.1 billion for Promedior and the completion of clinical and regulatory milestones.
According to Lexington, Mass.-based Promedior, early studies suggest PRM-151 regulates monocytes and macrophages where tissue damage has occurred to prevent and reverse fibrosis.
The agreement is BMS’ latest effort to grow its fibrosis portfolio. The firm’s BMS-986020 is currently in Phase 2 development for the treatment of IPF.
BMS also has an option to acquire Swedish drugmaker Galecto Biotech, whose inhaled inhibitor is in Phase 1 development for the treatment of IPF, and has collaborative agreements with the California Institute for Biomedical Research and the Medical University of South Carolina. — John Bechtel