Rare Daily Staff
BridgeBio Pharma signed an exclusive license with Bristol Myers Squibb to develop and commercialize BBP-398, a potentially best-in-class SHP2 inhibitor, in oncology.
The deal gives comes at an opportune time for BridgeBio, which just disclosed the out-licensing of six programs, layoffs, and consolidation of facilities that it said would cost the company $23 to $25 million.
The deal also expands on an earlier between BridgeBio and Bristol Myers Squibb, signed in July 2021, to study BBP-398 in combination with Opdivo (nivolumab) in advanced solid tumors with KRAS mutations.
Under the terms of the agreement, BridgeBio will receive an upfront payment of $90 million, and up to $815 million in development, regulatory and sales milestone payments, and tiered royalties in the low- to mid-teens. BridgeBio will retain the option to acquire higher royalties in the United States in connection with funding a portion of development costs upon the initiation of registrational studies.
BridgeBio will continue to lead its ongoing phase 1 monotherapy and combination therapy trials. Bristol Myers Squibb will lead and fund all other development and commercial activities.
“We believe our SHP2 inhibitor has the potential to be a best-in-class agent given the data we have seen, and we are eager to see our monotherapy and combination trials progress in collaboration with our partners at Bristol Myers Squibb,” said Neil Kumar, founder and CEO of BridgeBio.
SHP2 is a protein-tyrosine phosphatase that links growth factor, cytokine and integrin signaling with the downstream RAS/MAPK pathway to regulate cellular proliferation and survival. Overactivity of SHP2 is a critical contributor to many forms of cancer, is a mechanism of resistance to several targeted therapies, and can suppress antitumor immunity.
“We have seen the potential role SHP2 inhibition could play in unlocking possible combination therapies to treat patients suffering from a range of cancers. We are hopeful this collaboration with BridgeBio will help us maximize the possibilities SHP2 inhibition with BBP-398 will hold for patients,” said Rupert Vessey, executive vice president of Research & Early Development, Bristol Myers Squibb.
Photo: Neil Kumar, founder and CEO of BridgeBio