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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bristol Myers Squibb Co | NYSE:BMY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.70 | 153 | 09:23:29 |
Bristol-Myers Squibb Co. said Monday that it has been granted the exclusive right to buy privately held Promedior Inc. and its experimental fibrosis treatment for up to $1.25 billion.
Under the terms of the agreement, Bristol-Myers will pay $150 million in cash up front for the right to buy Promedior. Bristol-Myers can exercise that right after Promedior completes either of two phase-two trials for the treatment PRM-151.
Promedior expects to begin clinical trials of the treatment for idiopathic pulmonary fibrosis and myelofibrosis patients in the coming weeks. PRM-151 has been granted fast-track designation and orphan designation.
Fibrosis is associated with several rare diseases and illnesses such as age-related macular degeneration and solid tumors. Fibrosis occurs when healthy tissue is replaced with scar tissue, which can compromise function and lead to organ failure.
Bristol-Myers said the drug will complement its early-stage fibrosis portfolio. The company last year signed an option agreement to buy Galecto Biotech AB, a company with an inhaled inhibitor for the treatment of idiopathic pulmonary fibrosis.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 31, 2015 09:25 ET (13:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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