ARTICLE | Company News

Galecto, Bristol-Myers deal

November 10, 2014 8:00 AM UTC

Galecto Biotech granted Bristol-Myers Squibb an exclusive option to acquire the biotech. Galecto's TD139, an inhaled galectin-3 (LGALS3) inhibitor, is in a Phase I trial to treat idiopathic pulmonary fibrosis (IPF) and other pulmonary fibrotic conditions. The deal is valued at up to $444 million, which includes the option fee, option to exercise fee and clinical and regulatory milestone payments. BMS has to exercise the option no later than 60 days after the completion of the Phase Ib trial of TD139. Galecto, which said it expects the Phase Ib trial to take about two years, will be responsible for preclinical and Phase I development during the option period. Galecto declined to provide financial details. ...