Biotech Values

[DewDiligence]

BMY presents positive phase-2 data on NASH compound, BMS-986036:

http://finance.yahoo.com/news/bristol-myers-squibb-bms-986036-050100126.html

The study achieved its primary endpoint of significant reduction in liver fat versus placebo. Statistically significant improvements were also seen in prespecified exploratory endpoints including biomarkers of fibrosis, metabolic parameters and markers of liver injury.

The obvious question is: What does BMY do next? Do they proceed to a phase-2b monotherapy trial or pair BMS-986036 with a NASH drug that employs a different MoA? My expectation is the latter.

BMY licensed BMS-986036, a PEGylated form of FGF-21, from Ambrx in 2011 (http://ambrx.com/bristol-myers-squibb-and-ambrx-announce-collaboration-for-novel-biologics-programs-in-diabetes-and-heart-failure/ ). Ambrx is private, although it attempted to IPO in 2014 (#msg-103867664).