BMS has option to acquire Promedior, Inc, and its lead asset PRM-151 in Phase II development for the treatment of idiopathic pulmonary fibrosis and myelofibrosis

Bristol-Myers Squibb (BMS) and Promedior, Inc. have announced the companies have entered into an agreement that grants BMS an exclusive right to acquire Promedior and gain worldwide rights to its lead asset PRM-151, a recombinant form of human pentraxin-2 protein in Phase II development for the treatment of idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF).Total aggregate payments to Promedior under the agreement have the potential to reach $1.25 billion, which includes an upfront cash payment for the right to acquire Promedior, an exercise fee payable if BMS elects to exercise its right to acquire the company, and subsequent clinical and regulatory milestone payments. It is anticipated that the Phase II trials of PRM-151 in MF and IPF will be initiated in the coming weeks. BMS can exercise its right to acquire Promedior upon completion of either of these trials.