BMS Completes Buy of Flexus BiosciencesBy
Bristol-Myers Squibb (BMS) has completed its previously announced planned acquisition of Flexus Biosciences, Inc, a San Carlos, California-based company specializing in developing small-molecule cancer immunotherapies targeting regulatory T cells. BMS had announced the acquisition in February 2015. The transaction has a potential total consideration of $1.25 billion, including $800 million in upfront payments and development milestones that, upon achievement, could total up to $450 million.
The transaction includes full rights to F001287, Flexus' lead preclinical, small-molecule IDO1-inhibitor targeted for an investigational new drug filing in the second half of 2015 and an IDO/TDO discovery program that includes its IDO-selective, IDO/TDO dua,l and TDO-selective compound libraries. A newly formed entity established by the current shareholders of Flexus will retain, from and after the closing, all non-IDO/TDO assets of Flexus, including those related to Flexus' Phase I FLT3 and CDK4/6 inhibitor, its earlier stage small-molecule Treg cancer immunotherapy programs, and its current personnel and facilities.
IDO and TDO are enzymes expressed by many tumor cells and cells in the surrounding microenvironment that suppress T-cell function by producing a potent immunosuppressive factor, kynurenine, thus inhibiting the immune system from identifying and destroying certain types of tumors. IDO/TDO inhibitors reduce kynurenine production enabling the immune system to attack tumors more effectively. Given the immuno-modulatory effects of IDO/TDO inhibitors, combination regimens with immunotherapies, where synergistic activity may enhance long-term survival benefits, are being explored.
Source: Bristol-Myers Squibb