The very well known Bristol-Myers Squibb Co. is joining forces with Cambridge biotech, and buying their new startup Padlock Therapeutics Inc., for a reported estimate of $600 million.
Bristol-Myers to acquire all outstanding stock of Padlock
Cambridge, Massachusetts-based company Padlock, is a private biotechnology company, who committed to developing new pharmaceuticals for the devastating autoimmune disease. With this purchase, Bristol-Myers will license to Padlock’s protein, Peptidyl Arginine Deiminase (PAD), and inhibitor discovery program. This program is focusing on the possible change of treatment for patients with rheumatoid arthritis (RA). Padlock is hopeful that with this developmental breakthrough, that it will also be able to treat systemic lupus erythematosus (SLE ) and other auto immune diseases.
Bristol Myers Squibb has large-scale clinical and patient experience in immunoscience , and is using new devices, both fresh and distinguished, for RA and other auto immune disorders. This powerful discovery in immunoscience has given particular compounds that aide in finding long-term solutions for these diseases that plague these patients.
The terms in this purchase include upfront and near-term installments of up to $225 million and additional consideration of up to $375 million upon specific goals by Bristol-Myers Squibb of specific development and regulatory events. The transaction has been reviewed, vetted, and agreed upon by both company’s Board of Directors, and by the stockholders of Padlock. This transaction is to be completed by the 2nd quarter of 2016.
Source: BIDNESS ETC
You can be part of the exciting Regulatory Affairs field. Explore open career opportunities in Regulatory Affairs. The Anthony Michael Group has extended knowledge in the recruitment and staffing industry.