Goodwin Procter attorneys recently advised Promedior, Inc. in connection with its agreement with Bristol-Myers Squibb (BMS) granting BMS the exclusive right to acquire Promedior and gain worldwide rights to its lead asset PRM-151. PRM-151 has been granted Fast Track designation in the United States, Orphan designation in the United States and Europe for the treatment of MF and Orphan Designation in the United States and Europe for the treatment of idiopathic pulmonary fibrosis. Under the terms of the agreement, Bristol-Myers Squibb will make payments aggregating up to $1.25 billion that includes an upfront cash payment of $150 million as consideration for both the right to acquire Promedior and as payment for services in support of the MF and IPF Phase 2 clinical trials.
Additional information regarding the transaction is available in the companies’ press release. Media coverage surrounding the announcement included articles in The Wall Street Journal, Boston Globe and Reuters.