Bristol-Myers Squibb could pay a total of up to $444 million to acquire Galecto Biotech and its TD139 inhaled galectin-3 inhibitor for the treatment of idiopathic pulmonary fibrosis (IPF), plus potential milestones. The newly announced deal includes an option to acquire the company that must be exercised no later than 60 days after completion of a Phase 1b trial of TD139. Galecto will continue to have responsibility for pre-clinical and Phase 1 development.
BMS Executive VP and Chief Scientific Officer Francis Cuss commented, “Delivering innovative medicines that halt or slow the progression of fibrotic diseases is a key part of our R&D strategy to build a sustainable pipeline. TD139 provides Bristol-Myers Squibb an opportunity to advance the company’s fibrosis development program with the addition of a promising compound that has the potential to modulate multiple disease pathways.”
Galecto CEO Hans Schambye said, “Galecto has, in close collaboration with our founders, managed to demonstrate the importance of galectin-3 as an anti-fibrosis target. We have confirmed the anti-fibrotic activity of our lead compound, TD139, in several preclinical models and now have taken the compound into clinical testing in healthy volunteers followed by patient studies in early 2015.”
Read the BMS and Galecto Biotech press release.
