The Burrill Report

Bristol-Myers Squibb will pay Innate Pharma $35 million for exclusive rights to an early-stage cancer therapy developed by the French company.

The agreement covers all potential indications for IPH2102, Innate’s investigational monoclonal antibody for the treatment of acute myeloid leukemia, and is the largest biotech licensing deal ever signed in France, according to the company’s CEO, Hervé Brailly.

Innate will continue to develop IPH2102 through the end of mid-stage trials with BMS funding. The deal could yield $430 million more for Innate, should it hit specified milestones. In addition, Innate will be eligible for tiered double-digit royalty payments on worldwide net sales.

“Working together we have the opportunity to develop IPH2102, a potential first-in-class biologic that may be able to harness a patient’s immune system in the fight against cancer,” says Francis Cuss, BMS’ senior vice president of research.

Bristol-Myers Squibb achieved its first U.S. Food and Drug Administration approval for an immuno-oncology product in March. That approval was for Yervoy, a therapy for metastatic melanoma therapy that harnesses a patient’s immune system to fight cancer.

The deal fits into BMS’ overall “String of Pearls” strategy, says Mike Seeley, the company’s general manager, France. That goal of that plan is to establish collaborations with leading innovator companies across the globe, he says.

Innate shares climbed 65 percent on July 7, following the deal’s announcement, while BMS shares held steady.


July 08, 2011
http://www.burrillreport.com/article-innate_pharma_lands_major_collaboration_with_bms.html