BMS Signs Option to Acquire Galecto and Its Lead Product
Monday, November 3, 2014
Bristol-Myers Squibb signed an exclusive option to acquire Galecto Biotech and gain worldwide rights to its lead asset TD139, a Phase I inhaled inhibitor of galectin-3 being developed to treat idiopathic pulmonary fibrosis (IPF) and other pulmonary fibrotic conditions. The deal was valued at up to $444 million, a sum that includes an option fee, an option exercise fee, and subsequent payments tied to clinical and regulatory milestones.
Under terms of their agreement, Bristol-Myers Squibb can exercise the option to acquire Galecto at any time following the execution of the transaction agreement but no later than 60 days following completion of a Phase Ib trial. The companies have agreed on preclinical studies and a Phase I development plan that will be carried out by Galecto during the option period.