BMS agreed to a deal with Five Prime on the latter's discovery platform that could be worth up to $350 M with milestones. The deal calls for BMS to pay $20 M upfront, $9.5 M in R&D funding, and to also buy $21 M worth of Five Prime's stock. BMS will in turn get new targets for its immuno-oncology program that it can couple with its other development programs like that for PD-1 pathway.
Immuno-oncology is an increasingly hot area as companies vie to find more pathways that can be disrupted to stop cancers from progressing. Five Prime is considered to have one of the better discovery platforms in this arena. Now the race is on in immuno-oncology with other competitors like Novartis (recent deals for CoStim Pharmaceuticals), Tesaro/AnaPhysBio, AstraZeneca, Merck (also PD-1), and Roche (PD-L1). Five Prime also has a collaboration with GSK for FP-1039, a FGF ligand trap. See Fierce Biotech and Xconomy.
Posted by Bruce Lehr Mar 17th 2014.