Bristol Myers Squibb (NYSE:BMY) entered a definitive agreement to acquire closely-held Forbius, a clinical-stage protein engineering company that designs and develops biotherapeutics for the treatment of cancer and fibrotic diseases.
Forbius, which is a portfolio company with Toronto Innovation Acceleration Partners (TIAP), has developed a portfolio of highly selective and potent inhibitors of TGF-beta 1 and 3, which are key mediators of immunosuppression and fibrosis.
The transaction includes an upfront payment and future success-based milestone payments. Prior to closing, Forbius’ non-TGF-beta assets will be transferred to a newly formed private company, which will be retained by Forbius’ existing shareholders. The transaction is expected to close in the fourth quarter of 2020.
Forbius’ TGF-beta program includes lead investigational asset, AVID200. TGF-beta is a key cytokine that regulates various cell processes, including regulation of the immune system. Selective inhibition of TGF-beta 1 and 3 may enhance anti-tumor efficacy by acting synergistically with immunotherapy.
Bristol Myers Squibb intends to initially focus research and development efforts of AVID200 in oncology and may consider advancing the asset in other disease areas, such as fibrosis.
