ARTICLE | Company News

BMS gets option to buy fibrosis company Promedior

September 1, 2015 1:31 AM UTC

Bristol-Myers Squibb Co. (NYSE:BMY) obtained an exclusive option to acquire Promedior Inc. (Lexington, Mass.), which would give it rights to idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF) candidate PRM-151. Promedior shareholders are eligible to receive $1.3 billion in the deal, which includes $150 million up front, an exercise fee and clinical and regulatory milestones.

Promedior intends to begin two Phase II trials of PRM-151 in September to treat IPF and MF, and expects data from both trials in 2017. BMS can exercise its option to acquire Promedior upon the completion of either trial. ...