The transaction includes upfront and near term milestone payments of as much as $225 million and additional consideration of as much as $375 million based on certain development and regulatory events. The transaction will close during the 2Q16.
PADs produce autoantigens that play a role in the development and progression of RA and other autoimmune diseases. Inhibiting PADs offers the potential to prevent progression of autoimmune diseases early on. PAD inhibition in combination with current standard of care therapies may increase and maintain the durable remission rates in RA patients with rapidly progressive disease.
“Targeting PAD enzymes has the potential to be one of the most innovative mechanisms for treating autoimmunity which both strengthens and accelerates our immunoscience pipeline,” said Francis Cuss, MB BChir, FRCP, executive vice president and chief scientific officer, Bristol-Myers Squibb. “By pursuing a treatment approach which may address disease progression earlier, we hope to transform the lives of patients with RA and other autoimmune diseases.”
“By targeting PADs, it may be possible to eliminate the antigens that drive autoimmunity with limited impact on the immune system, thereby creating breakthrough treatments,” said Michael Gilman, PhD, founder and chief executive officer, Padlock Therapeutics. “In Bristol-Myers Squibb, we found an excellent home for our program based on their deep commitment to science and developing transformational therapies. We are confident that Bristol-Myers Squibb can leverage the scientific foundation built by Padlock's founders, team, and advisors to help patients with serious autoimmune diseases.”