Bristol-Myers Squibb signed a pharma deal for an exclusive option to acquire Galecto Biotech and gain worldwide rights to its lead asset TD139.
TD139 is a Phase I inhaled inhibitor of galectin-3 being developed to treat idiopathic pulmonary fibrosis and other pulmonary fibrotic conditions.
The deal was valued at up to $444 million, a sum that includes an option fee, an option exercise fee, and subsequent payments tied to clinical and regulatory milestones.
Bristol-Myers Squibb can exercise the option to acquire Galecto at any time following the execution of the transaction agreement but no later than 60 days following completion of a Phase Ib trial.
The companies have agreed on preclinical studies and a Phase I development plan that will be carried out by Galecto during the option period.
For further deal information visit Current Agreements (subscription required)
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