Bristol Myers enters $100M PyroGlu-Ass license agreement with BioArctic

BioArctic (BRCTF) announced that it has entered into a global exclusive license agreement with Bristol Myers Squibb (BMY) for BioArctic’s PyroGlutamate-amyloid-beta antibody program, including BAN1503 and BAN2803, whereof the latter includes BioArctic’s BrainTransporter technology. As part of the agreement, BioArctic will receive a $100M upfront payment and up to $1.25B in milestone payments. BioArctic is also entitled to tiered low double-digit royalties on global product sales. Under the agreement, Bristol Myers Squibb will become solely responsible for the development and any subsequent commercialization of BAN1503 and BAN2803 and related products worldwide. BioArctic will receive a $100M upfront payment and up to $1.25B in development, regulatory and commercial milestones, as well as tiered royalties on global product sales. BioArctic will retain an option to co-commercialize the products in the Nordic region. The agreement is subject to filing and clearance under the U.S. Antitrust legislation. BioArctic’s PyroGlu-Ass antibody program consists of novel antibodies targeting a specific truncated, pyroglutamate modified form of amyloid-beta. Monomers of PyroGlu-Ass are highly prone to aggregate, leading to the formation of harmful aggregates which cause debilitating cognitive and other symptoms in Alzheimer’s disease. The agreement includes both the BAN1503 and BAN2803 antibodies. BAN2803 includes BioArctic’s BrainTransporter technology. Brain uptake of biotherapeutics such as antibodies and enzymes is severely limited by the blood brain barrier primarily due to their size. Active transport across the BBB, using one of the body’s own delivery mechanisms, aims to enable better drug uptake into the brain. The BrainTransporter technology utilizes the transferrin receptor, a protein facilitating transport across the BBB, to optimize brain delivery.