Galecto Biotech

Bristol-Myers Squibb signs option agreement to acquire Galecto Biotech

Wednesday, November 5, 2014

Bristol-Myers Squibb has entered into an agreement with the exclusive option to acquire Denmark’s Galecto Biotech and gain worldwide rights to its lead asset TD139, a novel inhaled inhibitor of galectin-3 in phase I development for the treatment of idiopathic pulmonary fibrosis (IPF) and other pulmonary fibrotic conditions. Total aggregate payments under the agreement have the potential to reach $444 million, which includes the option fee, an option exercise fee and subsequent clinical and regulatory milestone payments.

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