Bristol-Myers Squibb agrees to purchase Padlock Therapeutics

Bristol-Myers Squibb has announced the acquisition of Padlock Therapeutics, a biotechnology company based in Cambridge, Massachusetts.

Padlock is dedicated to creating new medicines to treat destructive autoimmune diseases, with a protein/peptidyl arginine deiminase (PAD) inhibitor discovery programme in the works to create transformational treatment approaches for patients with rheumatoid arthritis.

Bristol-Myers Squibb will gain full rights to this programme following the takeover, and hopes to investigate its potential as a means of treating systemic lupus erythematosus and other autoimmune diseases.

The deal includes upfront and near-term contingent milestone payments of up to $225 million (159.47 million pounds) and additional contingent fees of up to $375 million based on the achievement of certain development and regulatory events. 

Francis Cuss, executive vice-president and chief scientific officer at Bristol-Myers Squibb, said: "Targeting PAD enzymes has the potential to be one of the most innovative mechanisms for treating autoimmunity which both strengthens and accelerates our immunoscience pipeline."

It is expected that the deal will close in the second quarter of this year.