Bristol-Myers Squibb agrees option to purchase Promedior

Bristol-Myers Squibb has entered into an agreement that grants it an exclusive right to acquire Promedior, a clinical-stage immunotherapy company.

This deal would give the company worldwide rights to Promedior's lead asset PRM-151, a recombinant form of human pentraxin-2 protein in phase II development for the treatment of idiopathic pulmonary fibrosis and myelofibrosis.

Total aggregate payments to Promedior under the agreement could reach $1.25 billion (819.3 million pounds), which includes an upfront cash payment, an exercise fee payable if Bristol-Myers Squibb elects to acquire the company, and subsequent clinical and regulatory milestone payments.

PRM-151 has been fast-tracked for regulatory review in both the US and Europe. Bristol-Myers Squibb will decide whether to acquire Promedior based on the outcome of phase II trials of the drug.

Francis Cuss, executive vice-president and chief scientific officer of Bristol-Myers Squibb, said: "PRM-151 will complement our growing early-stage fibrosis portfolio, and we are excited by its potential to address multiple fibrotic diseases."