Bristol-Myers Squibb (BMS) has completed the acquisition of biotechnology firm Flexus Biosciences for around $1.25bn.
Under the deal, Flexus has received an upfront payment of $800m, in addition to the development milestone payments that could total up to $450m.
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Established in 2013, Flexus develops and commercialises small-molecule cancer immunotherapies targeting regulatory T cells.
As part of the deal, BMS received full rights to F001287, Flexus’s lead preclinical, small-molecule IDO1-inhibitor targeted for IND filing in the second half of this year.
The deal also includes the acquisition of Flexus’s IDO/TDO discovery programme that includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries.
All non-IDO/TDO assets of Flexus, from and after the closing, will be retained by the newly formed entity created by the current shareholders.
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By GlobalDataThe new entity also retains assets related to Flexus’s Phase I FLT3 and CDK4/6 inhibitor, its earlier stage small-molecule Treg cancer immunotherapy programmes and current personnel and facilities.
At the time of acquisition, Bristol-Myers Squibb executive vice-president and chief scientific officer Francis Cuss said: "Bristol-Myers Squibb is committed to leading scientific advances in immuno-oncology and our acquisition of Flexus will expand our innovative pipeline with an important approach to enhancing immune responses in cancer.
Flexus Biosciences CEO Terry Rosen added: "Bristol Myers Squibb is a recognised leader in the cancer immunotherapy field, and we are delighted with the opportunity to have their organisation advance the development of our potentially best-in-class IDO/TDO inhibitors and to bring more innovative cancer immunotherapies to patients."
Image: A research campus operated by Bristol-Myers Squibb in Princeton, New Jersey, US. Photo: courtesy of Coolcaesar.
