Goodwin Procter advised Padlock Therapeutics, Inc. in its definitive agreement under which Bristol-Myers Squibb will acquire all of the outstanding capital stock of Padlock. The transaction includes upfront and near-term contingent milestone payments of up to $225 million and additional contingent consideration of up to $375 million upon the achievement by Bristol-Myers Squibb of certain development and regulatory events. The acquisition will give Bristol-Myers Squibb full rights to Padlock’s Protein/Peptidyl Arginine Deiminase (PAD) inhibitor discovery program focused on the development of potentially transformational treatment approaches for patients with rheumatoid arthritis. Padlock’s PAD discovery program may have additional utility in treating systemic lupus erythematosus and other autoimmune diseases.
Based in Cambridge, Massachusetts, Padlock Therapeutics, is a private biotechnology company dedicated to creating new medicines to treat destructive autoimmune diseases. The company leverages breakthrough science out of The Scripps Research Institute on the role of protein citrullination in disease to develop drugs targeting PAD enzymes. Padlock was co-founded in January 2014 by industry veteran Michael Gilman, Ph.D., chief executive officer of the company, and was incubated as part of the Atlas Venture seed program.
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.
Goodwin also counseled Padlock on its launch and $23 million Series A financing in December 2014.
For more details on the transaction, please view the press release.