Bristol-Myers gets option to buy Promedior and its lead compound

US pharma major Bristol-Myers Squibb (NYSE: BMY) has inked an exclusive agreement with venture capital-backed Promedior that grants it 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).

PRM-151 has been granted Fast Track designation in the USA and Orphan designation in the USA and Europe for the treatment of MF and Orphan Designation in the USA and Europe for the treatment of IPF.  Deal involves total aggregate payments of $1.25 billion

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 Bristol-Myers Squibb elects to exercise its right to acquire the company, and subsequent clinical and regulatory milestone payments.