Bristol-Myers Squibb Company (NYSE:BMY) today announced that it has entered into two separate agreements to license BMS-986168, an anti-eTau compound in development for Progressive Supranuclear Palsy (PSP), to Biogen (NASDAQ:BIIB), and BMS-986089, an anti-myostatin adnectin in development for Duchenne Muscular Dystrophy (DMD), to Roche.
"Licensing these assets to Biogen and Roche will enable Bristol-Myers Squibb to prioritize the other promising opportunities for asset development that have advanced across our diversified portfolio," said Mike Burgess, head of Cardiovascular, Fibrosis and Immunoscience Development, Bristol-Myers Squibb. "We recognize the significant unmet medical needs for patients with PSP and with DMD, and are pleased to put the future development of these compounds into the hands of Biogen and Roche, who both have strong capabilities, focus and leadership in neurodegenerative and rare diseases."
Under the agreement to license BMS-986168, Biogen will pay to Bristol-Myers Squibb an upfront payment of $300 million with potential milestone payments of up to $410 million. Biogen also will assume all remaining obligations to the former stockholders of iPierian, Inc. related to Bristol-Myers Squibb’s acquisition of the company in 2014. Under the agreement to license BMS-986089, Roche will pay to Bristol-Myers Squibb an upfront payment of $170 million with potential milestone payments of up to $205 million. Bristol-Myers Squibb will receive tiered double-digit royalties if either asset is approved and commercialized. These agreements are subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and are expected to close in the second quarter of 2017.
About BMS-986168 and BMS-986089
BMS-986168 is a monoclonal antibody designed to bind to and decrease levels of extracellular Tau (eTau) protein. It is currently being investigated as a treatment option for patients with PSP, with the potential for future development in other neurodegenerative diseases such as Alzheimer's disease.
BMS-986089 is a novel fusion protein designed to suppress myostatin, a negative regulator of muscle growth. It is currently being investigated as a treatment option for patients with DMD, and has the potential for study in other neuromuscular disorders.
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.