Bristol-Myers Squibb (BMS) to Acquire Padlock Therapeutics with their Immunoscience R&D Boosting Aim
Bristol-Myers Squibb (BMS) announced that it will acquire Padlock Therapeutics in a $600 million deal which will unlock BMS access to the autoimmune disease R&D platform of Padlock (known for their disruptive new approach in this field).
In this agreement, BMS will get;
- all the outstanding capital stock of Padlock Therapeutics
- their protein/peptidyl arginine deiminase (PAD) inhibitor discovery program devised to provide transformational treatment approaches for rheumatoid arthritis (RA) patients.
- treatment of systemic lupus erythematosus (SLE) and other autoimmune diseases utilizing PAD discovery program.
In this agreement, Padlock will get;
- Upfront and in near term milestone payments with a sum of about $225 million.
- Additional contingency (in longer term milestones) of up to $375 million for its achievement in particular development and regulatory events
“Targeting PAD enzymes has the potential to be one of the most innovative mechanisms for treating autoimmunity which both strengthens and accelerates our immunoscience pipeline,” said Francis Cuss, MB BChir, FRCP, executive vice president and chief scientific officer, Bristol-Myers Squibb. “By pursuing a treatment approach which may address disease progression earlier, we hope to transform the lives of patients with RA and other autoimmune diseases.”
PAD is an autoantigens producing class of enzymes plays part in the development and progression of RA and other autoimmune diseases. PAD inhibitor could help in declining the progression of autoimmune diseases at its early stage.
Padlock therapeutics is about two years old startup biotech company, much vaunted for its PAD inhibition approach for treatment of dreadful autoimmune diseases. The company was backed up by an early stage venture capital firm, Atlas ventures and other biotech investors.
Bristol-Myers Squibb is a global biopharmaceutical company which aims to discover, develop and deliver innovative medicines to treat serious diseases of patients.