Bristol-Myers Squibb not to exercise its option to buy F-star Alpha

As a result, the agreement between Bristol-Myers Squibb and F-star Alpha has been terminated.

Bristol-Myers Squibb’s decision is based on a prioritisation of opportunities across its oncology portfolio.

FS102 is an Fcab or Fc-domain with antigen binding sites. In preclinical studies FS102 demonstrated potent anti-tumour activity.

A dose finding Phase I clinical trial in patients with breast and gastric cancer was designed to assess safety and pharmacokinetics.

Patient enrolment has completed and patients on FS102 will finish treatment according to protocol by the Bristol-Myers Squibb-sponsored clinical sites.

John Haurum, CEO of F-star, commented: “Our productive relationship with Bristol-Myers Squibb has generated valuable clinical data supporting the low immunogenic potential of Fcabs, as well as a favourable pharmacokinetic profile comparable to traditional antibodies.

“The decision by Bristol-Myers Squibb has no impact on the development of our own pipeline and our focus on development of bispecific antibodies in the area of immuno-oncology. We appreciate the challenges of developing therapeutics in the highly-competitive HER2 space, which we are factoring in to our assessment of how to best proceed with the FS102 programme.”

The agreement between Bristol-Myers Squibb and F-star Alpha, an asset-centric vehicle, was entered into in October 2014. Bristol-Myers Squibb was granted an exclusive option to acquire F-star Alpha and has been responsible for the clinical development and funding of FS102.

Following Bristol-Myers Squibb’s decision not to exercise its option all rights and intellectual property related to FS102 will remain with F-star Alpha.