- Bristol-Myers Squibb (NYSE:BMY) acquires privately-held San Carlos, CA-based Flexus Biosciences for as much as $1.25B. The transaction includes $800M in cash upfront and development milestones of up to $450M.
- Flexus develops anti-cancer therapeutics based on the modulation of tumor-infiltrating regulatory T cells. Its research programs focus on small molecule inhibitors against novel regulatory T cell targets. Its lead preclinical candidate is F001287, a small molecule IDO1-inhibitor that is planned for Investigational New Drug (IND) filing in H2.
- IDO and TDO are enzymes expressed by many cancer cells which suppress T-cell function by producing kynurenine, a potent immunosuppressive factor. This inhibits the immune system from identifying and destroying certain types of tumors. IDO/TDO inhibitors reduce kynurenine production enabling the immune system to attack cancer cells more effectively.
- The transaction should close this quarter.