Promedior’s sale for $390m to Roche today is notable for the fact that the biotech was to have been bought by someone else entirely. Four years ago Bristol-Myers Squibb had handed across $150m by way of an option to acquire Promedior, but that deal never reached fruition. Now Promedior can be doubly pleased: Roche has come in with even more money, and Bristol’s $150m has turned into a clean source of financing that sustained the private group for several years. Promedior’s lead, PRM-151, is a phase III-ready asset for idiopathic pulmonary fibrosis, a key area of interest for Roche, which had gained the IPF drug Esbriet through the $8.3bn takeout of Intermune in 2014. PRM-151 is a recombinant form of human pentraxin-2, a protein thought to prevent scarring, and Roche says it is the first project to show significant lung function improvements on top of current IPF therapies. It is in earlier trials for myelofibrosis, Nash and fibrotic kidney disease, and perhaps a recent long-term trial analysis persuaded Roche to pay up. Bristol, meanwhile, had an early presence in IPF via BMS-986020, but this project is no longer in active clinical trials.
|Second time lucky for Promedior|
|31 Aug 2015||Bristol-Myers Squibb||Pre phase 2||$150m option fee||$1.1bn in funding and exercise fees|
|15 Nov 2019||Roche||Pre phase 3||$390m up-front fee||$1.0bn contingent payments|