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news.Bristol-Myers Squibb has secured the exclusive right to acquire Promedior and its fibrosis drug for about $1.25bn.
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Under the terms of the agreement, Bristol-Myers will pay $150m in cash up front for the right to buy Promedior.
Bristol-Myers can exercise its right after Promedior completes either of two phase-two trials for the treatment PRM-151, which is a recombinant form of human pentraxin-2 protein in Phase 2 development for the treatment of idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF)
PRM-151 has been granted fast track designation in the US and orphan designation in the US and Europe for the treatment of MF and orphan designation in the US and Europe for the treatment of IPF.
It has been shown in several preclinical models to regulate monocytes and macrophages at areas of tissue damage to avoid and reverse fibrosis, including IPF, acute and chronic nephropathy, liver fibrosis, and age-related macular degeneration.
Promedior president and CEO Suzanne Bruhn said: "With the strong strategic fit between our companies, we intend to continue to move PRM-151 forward rapidly as a new treatment option to address the unmet needs of patients with myelofibrosis, idiopathic pulmonary fibrosis, and other fibrotic diseases."
Bristol-Myers Squibb executive vice president and chief scientific officer Francis Cuss said: "PRM-151 will complement our growing early-stage fibrosis portfolio, and we are excited by its potential to address multiple fibrotic diseases."