PeptiDream Announces License of PeptiDream's Peptide Discovery Platform System (PDPS) Technology to Bristol-Myers Squibb and Extension of the Macrocyclic Peptide Drug Discovery Alliance Between the Companies
TOKYO--(BUSINESS WIRE)-- PeptiDream Inc, a public Tokyo-based biopharmaceutical company ("PeptiDream")(TOKYO:4587) announced today that it has entered into a Technology License Agreement with US-based Bristol-Myers Squibb (NYS: BMY) to nonexclusively license PeptiDream's proprietary Peptide Discovery Platform System (PDPS) technology. Under the terms of the Technology License Agreement, PeptiDream will receive upfront and annual technology access payments, and will be eligible to receive development milestones and royalties on future sales of products that arise from use of the PDPS technology.
In addition to the technology license agreement, PeptiDream announced today the 2nd extension of its macrocyclic peptide drug discovery alliance with Bristol-Myers Squibb, originally intiated October 15, 2010, and extended October 15, 2012. Under the terms of the new 2 year extension (through October 2015), PeptiDream will continue to identify macrocyclic peptides as potential drug candidates for Bristol-Myers Squibb's targets by using PDPS for translational synthesis, selection, and screening of nonstandard macrocyclic peptides. Bristol-Myers Squibb will own all rights to lead peptides and will be responsible for all subsequent research and development as pharmaceutical candidates. PeptiDream will continue to receive research funding and is eligible to receive milestone payments upon the successful achievement of certain development milestones and royalties on future sales of products that arise from the collaboration.
Kiichi Kubota, CEO of PeptiDream, stated "the PDPS technology license was based on the successes achieved during the first 3 years of our discovery collaboration with Bristol-Myers Squibb, and further validates PeptiDream's platform as the leading peptide discovery platform." In addition, the extension of PeptiDream's discovery partnership with Bristol-Myers Squibb for an additional 2 years, "will allow both companies to continue our mutual efforts to drive a number of exciting macrocyclic peptide programs into the clinic in both the US and Japan." Kiichi also stated that "the upfront payment, annual technology access payments, and the continued R&D funding payable by Bristol-Myers Squibb to PeptiDream will significantly contribute to PeptiDream's revenue, starting from this fiscal year, while potential development milestone payments and product sales royalties offer the possibility of revenues far into the future."
Patrick C Reid, +81-3-3468-9022 (Tokyo)
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