(RTTNews.com) – Bristol-Myers Squibb Co. and Flexus Biosciences, Inc. said they have signed a definitive agreement for Bristol-Myers Squibb to acquire all outstanding capital stock of Flexus, a privately-held biotechnology company focused on the discovery and development of novel anti-cancer therapeutics.
The transaction has a potential total consideration of $1.25 billion, including $800 million upfront and development milestones that, upon achievement, could total up to $450 million. The deal has been approved by the boards of directors of both companies and by the stockholders of Flexus. Closing of the transaction will close during the first quarter of 2015.
The acquisition will give Bristol-Myers Squibb full rights to F001287, Flexus’ lead preclinical small molecule IDO1-inhibitor targeted for IND filing in the second half of 2015.
Additionally, Bristol-Myers Squibb will acquire Flexus’ IDO/TDO discovery program which includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries.
A newly formed entity set up 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 1 FLT3 and CDK4/6 inhibitor, its earlier stage small-molecule Treg cancer immunotherapy programs, and its current personnel and facilities.