SOUTH SAN FRANCISCO,
Calif. and NEW YORK,
February 23, 2015 /PRNewswire/
-- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) and
Bristol-Myers Squibb Company (NYSE: BMY) today announced that they
have entered into a collaboration agreement for the discovery,
development and commercialization of cancer immunotherapies based
on Rigel's extensive portfolio of small molecule TGF beta receptor
kinase inhibitors. TGF beta can promote tumor growth, broadly
suppress the immune system and increase the ability of tumors to
spread in the body. The collaboration will focus on developing a
new class of therapeutics aimed at increasing the immune system's
activity against various cancers either as monotherapy or in
combination with immune checkpoint inhibitors, including
Bristol-Myers Squibb's Opdivo (nivolumab) and Yervoy
(ipilimumab).
Under the terms of the agreement, Bristol-Myers Squibb will
obtain exclusive, worldwide rights to develop and commercialize
small molecule therapeutics derived from Rigel's TGF beta library,
including, but not limited to, those approved to treat cancer.
Bristol-Myers Squibb will pay
$30 million upfront and Rigel will be
eligible to receive development and regulatory milestones that
could total more than $309 million
for a successful compound approved in multiple indications. Rigel
will also be eligible to receive tiered royalties on the net sales
of any products from the collaboration.
"As a company dedicated to leading scientific advances in
immuno-oncology, we are committed to exploring the utility of TGF
beta inhibition as a potential therapeutic to fight certain
cancers," said Carl Decicco, Ph.D.,
Head of Discovery, R&D, Bristol-Myers Squibb. "Working
with Rigel and having access to their TGF beta receptor kinase
inhibitors extends our existing portfolio of immunotherapeutic
approaches to include this key mediator of immunosuppression in the
tumor microenvironment."
"This collaboration places our TGF beta receptor kinase
inhibitor program into the hands of Bristol-Myers Squibb, a premier
immuno-oncology company. Together, we believe TGF beta inhibition
may offer novel therapeutic opportunities in oncology treatments,"
said Raul Rodriguez, president and
chief executive officer of Rigel. "Rigel has focused on immunology,
and oncology via numerous partnerships. This collaboration is
Rigel's first in immuno-oncology and is one of the Company's
several programs in this area."
TGF beta Inhibition
Within the immune system, TGF beta often plays an
immunosuppressive role by potently suppressing effector cell
proliferation and function while simultaneously promoting
differentiation of certain suppressive T-cells. This master
regulator is often present within tumor microenvironments and can
significantly dampen anti-tumor host immune responses. Current
evidence suggests that TGF beta can arise from many sources,
including the cancer itself, surrounding cells and infiltrating
macrophages.
Developing a drug that inhibits TGF beta signaling in cancer
patients has the potential to counteract an important mechanism
used by cancers to escape immuno-surveillance, thereby making this
signaling pathway an appealing therapeutic target for
immuno-oncology related applications.
Rigel has identified a large number of orally bioavailable,
potent and selective small molecule inhibitors of TGF beta receptor
kinases that have demonstrated in vivo efficacy, in
preclinical animal models of cancer, consistent with an
immune-mediated mechanism of action.
About Rigel (www.rigel.com)
Rigel Pharmaceuticals, Inc. is a clinical-stage drug
development company that discovers and develops novel,
small-molecule drugs for the treatment of inflammatory and
autoimmune diseases, immuno-oncology related diseases, and muscle
disorders. Rigel's pioneering research focuses on signaling
pathways that are critical to disease mechanisms. Rigel currently
has the following product candidates in development: fostamatinib,
an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase 3
clinical trials for immune thrombocytopenic purpura (ITP) and
initiating a Phase 2 clinical trial for IgA nephropathy (IgAN);
R348, a topical JAK/SYK inhibitor, in a Phase 2 clinical trial for
dry eye in ocular graft-versus-host disease (GvHD); two oncology
product candidates in Phase 1 development with
partners BerGenBio AG and Daiichi Sankyo; and two
preclinical programs with AstraZeneca for R256 in asthma and
Bristol-Myers Squibb for TGF beta inhibitors in
immuno-oncology.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global
biopharmaceutical company whose mission is to discover, develop and
deliver innovative medicines that help patients prevail over
serious diseases. For more information, please visit
www.bms.com or follow us on Twitter at
http://twitter.com/bmsnews.
Rigel Forward-Looking Statements
This release contains forward-looking statements relating to,
among other things, the discovery, development and
commercialization of cancer immunotherapies and the collaboration
with Bristol-Myers Squibb, potential payments and royalties to
Rigel, Rigel's product development programs, and the timing of
expected results in its clinical programs. Any statements
contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements.
Words such as "planned," "will," "may," "expect," and similar
expressions are intended to identify these forward-looking
statements. These forward-looking statements are based on Rigel's
current expectations and inherently involve significant risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in such forward looking
statements as a result of these risks and uncertainties, which
include, without limitation, the availability of resources to
develop Rigel's product candidates, Rigel's need for additional
capital in the future to sufficiently fund Rigel's operations and
research, the uncertain timing of completion of and the success of
clinical trials, market competition, risks associated with and
Rigel's dependence on Rigel's corporate partnerships, as well as
other risks detailed from time to time in Rigel's reports filed
with the Securities and Exchange Commission, including its
Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. Rigel does not undertake any
obligation to update forward-looking statements and expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains "forward-looking statements" as
that term is defined in the Private Securities Litigation Reform
Act of 1995 regarding the discovery, development and
commercialization of cancer immunotherapies. Such forward-looking
statements are based on current expectations and involve inherent
risks and uncertainties, including factors that could delay, divert
or change any of them, and could cause actual outcomes and results
to differ materially from current expectations. No forward-looking
statement can be guaranteed. Among other risks, there can be no
guarantee that we will be able to successfully develop a TGF Beta
Receptor Kinase Inhibitor. Forward-looking statements in this press
release should be evaluated together with the many uncertainties
that affect Bristol-Myers Squibb's business, particularly those
identified in the cautionary factors discussion in Bristol-Myers
Squibb's Annual Report on Form 10-K for the year ended December 31, 2014 in our Quarterly Reports on
Form 10-Q and our Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Bristol-Myers
Squibb Contacts:
|
Media:
|
Sarah Koenig,
609-252-4145, sarah.koenig@bms.com
|
|
Ken Dominski,
609-252-5251, ken.dominski@bms.com
|
|
|
Investors:
|
Ranya Dajani,
609-252-5330, ranya.dajani@bms.com
|
|
|
Rigel
Contacts:
|
|
Media:
|
Susan C. Rogers,
Rivily, Inc., 650-430-3777, susan@rivily.com
|
|
|
Investors:
|
Raul Rodriguez,
650-624-1302, invrel@rigel.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rigel-and-bristol-myers-squibb-announce-research-and-development-collaboration-for-tgf-beta-receptor-kinase-inhibitors-for-use-in-immuno-oncology-related-indications-300039463.html
SOURCE Rigel Pharmaceuticals, Inc.