Forbius Agrees to Sell to Bristol Myers Squibb

New York – August 25, 2020 – Cooley advised Forbius – a clinical-stage protein engineering company that designs and develops biotherapeutics for the treatment of cancer and fibrotic diseases – on its agreement to sell to Bristol Myers Squibb. Lawyers Barbara Borden, Marya Postner and Rowook Park led the Cooley team advising Forbius. 

“Our portfolio of highly selective TGF-beta inhibitors has shown potential across a broad range of therapeutic areas,” Ilia A. Tikhomirov, president and CEO of Forbius, said in a news release. “We are proud that Bristol Myers Squibb recognizes this potential given their global leadership in oncology and unique position to translate innovative science into meaningful treatments for patients with cancer across the globe."

Under the terms of the agreement, Bristol Myers Squibb will acquire all of the outstanding shares of Forbius through a plan of arrangement under the laws of Quebec. Forbius owns a TGF-beta program, including the program’s lead investigational asset, AVID200. TGF-beta is a key cytokine that regulates various cell processes, including regulation of the immune system. Selective inhibition of TGF-beta 1 and 3 may enhance anti-tumor efficacy by acting synergistically with immunotherapy. Bristol Myers Squibb intends to initially focus research and development efforts of AVID200 in oncology and may consider advancing the asset in other disease areas, such as fibrosis. 

The transaction is expected to close in Q4 2020 and includes an upfront payment and future success-based milestone payments. Prior to closing, Forbius’ non-TGF-beta assets will be transferred to a newly formed private company, which will be retained by Forbius’ existing shareholders. 

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law. 

Cooley has 1,100+ lawyers across 16 offices in the United States, Asia and Europe.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.