Bristol-Myers Squibb signs $475m option agreement to acquire F-star and FS102

FS102 is being developed to treat breast and gastric cancer in HER2-positive patients who do not respond or become resistant to the existing therapies.

HER2, a highly validated target in breast and gastric cancers, plays a major role in the growth of tumors and subsequent poor clinical outcome for patients with breast cancer and other solid tumors.

As part of the deal, BMS has agreed to pay $50m option fee for the right to acquire F-star Alpha, a payment for rights and licenses from F-star Alpha, and an unspecified clinical milestone payment upon start of the Phase I trial.

During the option period, BMS will be responsible for conducting and funding the development of FS102 and can exercise the option to acquire F-star Alpha in its sole discretion upon its decision to begin a Phase IIb trial.

Bristol-Myers Squibb executive vice-president and chief scientific officer Francis Cuss said: "This agreement is consistent with our R&D strategy to develop promising treatments that address areas of high unmet medical need, and provides the opportunity to complement our oncology portfolio with a novel targeted therapy.

"We look forward to working with F-star and leveraging our broad clinical expertise in oncology to uncover the full potential of FS102."

The company said that in preclinical studies, FS102 showed encouraging efficacy against certain HER2-positive cancers and major regression in tumors, including those that are refractory to treatment with trastuzumab plus pertuzumab.

F-star Biotechnology chief executive officer John Haurum said: ""In addition to the important improvement of cancer therapy FS102 may provide to patients, this program also provides validation of the Modular Antibody Technology platform as a powerful engine to discover and rapidly develop novel targeted biologics."

Image: A Bristol-Myers Squibb R&D facility in Princeton Rd, Princeton, New Jersey, US. Photo: courtesy of Coolcaesar.