BMS To Acquire Biopharm Company ForbiusBy
Bristol Myers Squibb (BMS) has agreed to acquire Forbius, a Montréal-based clinical-stage biopharmaceutical company developing biotherapeutics for treating cancer and fibrotic diseases. Financial terms were not disclosed.
Forbius has developed a portfolio of inhibitors of transforming growth factor (TGF)-beta 1 & 3, which are mediators of immunosuppression and fibrosis. Under the deal, BMS will acquire Forbius’ TGF-beta program, including the program’s investigational asset, AVID200, an isoform-selective TGF-beta inhibitor. TGF-beta is a key cytokine that regulates various cell processes, including regulation of the immune system. Selective inhibition of TGF-beta 1 & 3 may enhance anti-tumor efficacy by acting synergistically with immunotherapies, according to information from the companies. BMS says it intends to initially focus research and development efforts of AVID200 in oncology and may consider advancing the asset in other disease areas, such as fibrosis.
The transaction includes an undisclosed upfront payment and future success-based milestone payments. Prior to closing, Forbius’ non-TGF-beta assets will be transferred to a newly formed private company, which will be retained by Forbius’ existing shareholders.
The companies anticipate completing the transaction in the fourth quarter of 2020, subject to the satisfaction of customary closing conditions.
Source: Bristol Myers Squibb and Forbius