Bristol-Myers Squibb to expand immuno-oncology pipeline with acquisition of Flexus Biosciences
Deal could potentially be worth US$1.25bn
Bristol-Myers Squibb has agreed to acquire Flexus Biosciences, a privately held biotechnology company focused on the development of anti-cancer therapeutics.
The deal has a potential consideration of US$1.25bn, including $800m upfront and development milestones that could total $450m. It is expected to close during the first quarter of this year.
The acquisition will give Bristol-Myers Squibb rights to F001287, Flexus’ leading preclinical small molecule IDO1-inhibitor targeted for IND filing in the second half of 2015.
In addition, Bristol-Myers Squibb will acquire Flexus’ IDO/TDO discovery programme, which includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries.
A newly formed business established by the current shareholders of Flexus will retain, from and after the closing, all non-IDO/TDO assets including those related to Flexus’ Phase I FLT3 and CDK4/6 inhibitor, its earlier stage small-molecule Treg cancer immunotherapy programmes, and its current staff and facilities.
‘Bristol-Myers Squibb is committed to leading scientific advances in immuno-oncology and our acquisition of Flexus will expand our innovative pipeline with an important approach to enhancing immune responses in cancer,’ said Francis Cuss, Executive Vice President and Chief Scientific Officer of Bristol-Myers Squibb.
Terry Rosen, Chief Executive of Flexus Biosciences, added: ‘With the consummation of this acquisition, we will continue to advance our oncology and immuno-oncology pipeline of Agents for Reversal of Tumour Immunosuppression (ARTIS) in the newly created spin-off, with the strong support of our committed group of investors.’
