The Kras Shp has not yet sailed for Bristol

Bristol Myers Squibb might be a bit late to the party, but it has signalled that it could be getting into Kras, via a deal today for Bridgebio’s Shp2 inhibitor BBP-398. The agreement raises eyebrows for a couple of reasons: Shp2 inhibition has disappointed as monotherapy, and it is now thought that it will need to be combined with direct Kras inhibition. But Bristol does not have a Kras inhibitor of its own – cue rumours about which of the many Kras players Bristol might want to acquire. This includes Bridgebio itself; however, given the group’s undemanding $770m valuation, surely Bristol would have taken out the whole company if it had been interested in Bridgebio's BBP-454. In the event, Bristol is paying $90m up front to license BBP-398, building on a clinical collaboration last year to test its combination with Opdivo. This represents an inexpensive bet for Bristol and handy cash for Bridgebio, which crashed after the failure of its lead asset, acoramidis, in amyloidosis last year. The group has around $630m in the bank, enough to last into 2024, but it might need to sell off more of the family silver before too long.

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