Bristol-Myers Squibb announces Amira Pharmaceuticals takeover

Bristol-Myers Squibb has agreed a deal to purchase Amira Pharmaceuticals, a specialist developer of treatments for inflammatory and fibrotic diseases.

A total purchase price of $325 million (199.6 million pounds) has been agreed for the all-cash transaction, which will see Bristol-Myers Squibb take control of Amira's fibrosis programme, including its lead compound AM152.

This orally available lysophosphatidic acid 1 receptor antagonist is being developed as a treatment of idiopathic pulmonary fibrosis and systemic sclerosis and is soon to enter phase IIa proof-of-confidence studies.

The takeover will also give Bristol-Myers Squibb access to a preclinical autotaxin programme with potential applications in treating neuropathic pain and cancer metastases.

Elliott Sigal, executive vice president, chief scientific officer and president for research and development at the company, said: "Bristol-Myers Squibb has identified fibrotic diseases as an area of high unmet medical need that complements our research efforts in several of our therapeutic areas."

Earlier this month, the company agreed a deal with Innate Pharma to license a new cancer compound that is currently being assessed as an acute myeloid leukaemia therapy.