Bristol-Myers Squibb Co. will pay up to $1.3 billion, including a $150 million up-front payment, for an exclusive right to acquire Promedior Inc. and to gain worldwide rights to the company’s lead asset, a recombinant form of human pentraxin-2 protein, called PRM-151, that is in development for the treatment of idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF).
Lexington Mass.-based Promedior will continue to lead development of the candidate, with phase II trials in MF and IPF expected to begin in the coming weeks. Meanwhile, BMS can exercise its right to acquire Promedior upon completion of either of the trials, a move that would trigger an exercise fee ...
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