Biotech Values

[DewDiligence]

BMY buys option to acquire (private) Promedior:

http://finance.yahoo.com/news/bristol-myers-squibb-enters-agreement-123000984.html

Bristol-Myers Squibb Company and Promedior, Inc. announced the companies have entered into an agreement that grants Bristol-Myers Squibb an exclusive right to acquire Promedior and gain worldwide rights to its lead asset PRM-151, a recombinant form of human pentraxin-2 protein in Phase 2 development for the treatment of idiopathic pulmonary fibrosis (IPF) and myelofibrosis (MF).

Total aggregate payments to Promedior under the agreement have the potential to reach $1.25 billion, which includes an upfront cash payment [$150M] for the right to acquire Promedior, an exercise fee payable if Bristol-Myers Squibb elects to exercise its right to acquire the company, and subsequent clinical and regulatory milestone payments.