Gains full-rights to Cormorant’s HuMax-IL8 antibody program and lead asset HuMax-IL8 in Phase 1/2 Development
Broadens Bristol-Myers Squibb’s oncology pipeline focus on the tumor microenvironment and combination therapy
Bristol-Myers
Squibb Company (NYSE:BMY) and Cormorant Pharmaceuticals announced
today that Bristol-Myers Squibb has acquired all of the outstanding
capital stock of Cormorant, a private, Stockholm, Sweden-based
pharmaceutical company focused on the development of therapies for
cancer and rare diseases. The acquisition gives Bristol-Myers Squibb
full rights to Cormorant’s HuMax-IL8 antibody program and the lead
candidate HuMax-IL8, a Phase 1/2 monoclonal antibody targeted against
interleukin-8 (IL-8) that represents a potentially complementary
immuno-oncology mechanism of action to T-cell directed antibodies and
co-stimulatory molecules.
IL-8 is a protein expressed by many solid tumors within the tumor
microenvironment that suppresses the immune system and increases the
ability of tumors to metastasize. By targeting IL-8, HuMax-IL8 offers
the potential to enhance immune response and increase the efficacy of
existing cancer medicines through combination therapy. The rights to
HuMax-IL8 were acquired by Cormorant from Genmab A/S in 2012 under an
exclusive license agreement.
“We believe combination therapy will be foundational to delivering the
potential for long-term survival for patients, and the opportunity to
develop the HuMax-IL8 antibody program together with our broad
Immuno-Oncology pipeline enables us to accelerate the next wave of
potentially transformational immunotherapies,” said Francis
Cuss, MB BChir, FRCP, executive vice president and chief scientific
officer, Bristol-Myers Squibb.
“Bristol-Myers Squibb is the ideal company to maximize the potential of
both Cormorant and the HuMax-IL8 program, and bring hope to more
patients,” said Maarten de Château, M.D., Ph.D., chief executive
officer, Cormorant Pharmaceuticals. “Bristol-Myers Squibb is the leader
in the Immuno-Oncology field, with deep clinical development and
regulatory expertise, and an established commercial infrastructure to
deliver important new therapies to patients quickly. Bristol-Myers
Squibb’s rich pipeline of clinical candidates and approved products
provides even more opportunity for potential therapeutic synergy when
coupled with HuMax-IL8.”
The transaction includes upfront and near term contingent milestone
payments of up to US $95 million and additional contingent consideration
of up to US $425 million upon the achievement by Bristol-Myers Squibb of
certain development and regulatory milestones.
The transaction has been approved by the boards of directors of both
companies and by the stockholders of Cormorant.
About Cormorant
Cormorant Pharmaceuticals is a privately held, biopharmaceutical company
founded by Maarten de Château and Urban Paulsson. The company is based
at the Karolinska Institute Science Park in Stockholm, Sweden. Based on
mounting research pointing to IL-8 being an important driver of
malignant tumors, HuMax-IL8 was acquired from Genmab A/S and taken into
development by Cormorant. HuMax-IL8, is a fully human monoclonal
antibody.
Cormorant engaged Colpman Consulting Ltd as lead business advisor in the
sale process. Wiggin and Dana LLP acted as legal advisors to the
transaction.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission
is to discover, develop and deliver innovative medicines that help
patients prevail over serious diseases. For more information about
Bristol-Myers Squibb, visit us at BMS.com or
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Bristol-Myers Squibb Forward-Looking Statement
This press release contains "forward-looking statements" as that term
is defined in the Private Securities Litigation Reform Act of 1995
regarding the research, development and commercialization of
pharmaceutical products. Such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them, and
could cause actual outcomes and results to differ materially from
current expectations. No forward-looking statement can be guaranteed.
Among other risks, there can be no guarantee that the acquisition will
be completed, or that the expected benefits of the acquisition will be
realized. In addition, the compounds described in this release are
subject to all the risks inherent in the drug development process, and
there can be no assurance that the development of these compounds will
be successful. Forward-looking statements in the press release should be
evaluated together with the many uncertainties that affect Bristol-Myers
Squibb's business, particularly those identified in the cautionary
factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K
for the year ended December 31, 2015, its Quarterly Reports on Form
10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes
no obligation to publicly update any forward-looking statement, whether
as a result of new information, future events, or otherwise.
Bristol-Myers Squibb Media:Ken Dominski, 609-252-5251 ken.dominski@bms.com orLisa McCormick Lavery, 609-252-7602 lisa.mccormicklavery@bms.com orInvestors:Bill Szablewski, 609-252-5894 william.szablewski@bms.com or Cormorant Maarten de Château, M.D., Ph.D. dechateaum@gmail.com