Bristol-Myers Squibb has entered into a definitive agreement to acquire Flexus Biosciences, a privately held biotechnology company focused on novel anti-cancer therapeutics, for a potential total consideration of $1.25 billion, including $800 million upfront and development milestones. The transaction has been approved by both boards and is expected to close during 1Q15, subject to customary closing conditions.
 
BMS will gain full rights to Flexus’ lead preclinical small molecule, F001287, an IDO1-inhibitor targeted for IND filing in 2H15, as well as its IDO/TDO discovery program, which includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries. A newly formed entity established by the current shareholders of Flexus will retain all non-IDO/TDO assets of Flexus including those related to Phase I FLT3 and CDK4/6 inhibitor, its earlier stage small-molecule Treg cancer immunotherapy programs, and its current personnel and facilities.
 
“Bristol-Myers Squibb is committed to leading scientific advances in immuno-oncology and our acquisition of Flexus will expand our innovative pipeline with an important approach to enhancing immune responses in cancer,” said Francis Cuss, executive vice president and chief scientific officer, BMS. “With the addition of a potentially best-in-class IDO1 inhibitor and the broad IDO/TDO programs, Bristol-Myers Squibb will accelerate its ability to explore numerous immunotherapeutic approaches across tumor types, including combinations with our biologic checkpoint and co-stimulatory agents that target different and complementary pathways.”
 
“Bristol Myers Squibb is a recognized leader in the cancer immunotherapy field, and we are delighted with the opportunity to have their organization advance the development of our potentially best-in-class IDO/TDO inhibitors and to bring more innovative cancer immunotherapies to patients,” said Terry Rosen, Ph.D., chief executive officer of Flexus Biosciences. “With the consummation of this acquisition, we will continue to advance our oncology and immuno-oncology pipeline of Agents for Reversal of Tumor Immunosuppression (ARTIS) in the newly created spin-off, with the strong support of our committed group of investors.”