CLEVELAND & NEW YORK--(BUSINESS WIRE)--BioMotiv, a mission-driven drug development accelerator that advances breakthrough discoveries from research institutions into therapeutics, and Bristol-Myers Squibb Company (NYSE: BMY) today announced a new strategic partnership. The partnership will leverage the strengths of both organizations to develop new and innovative therapies for patients who need them most. Under the terms of the agreement, Bristol-Myers Squibb will become a limited partner of BioMotiv with the option to invest additional funding in selected projects of mutual interest. Under the partnership, BioMotiv and Bristol-Myers Squibb together will form and fund new companies to develop novel therapeutics in disease areas where unmet medical needs remain. Upon the identification of a preclinical candidate molecule, Bristol-Myers Squibb will have the option to acquire the company from BioMotiv under pre-agreed terms.
“This new partnership effectively pairs two organizations with a mission – to translate transformational discoveries into breakthrough therapies for patients living with serious diseases,” said Satish Jindal, PhD, BioMotiv’s Managing Director.
Ted Torphy, PhD, BioMotiv’s CEO and Chief Scientific Officer, commented, “This new partnership will allow us to leverage the extensive expertise of Bristol-Myers Squibb across multiple disease areas. Combined with BioMotiv’s unique model and focus on accelerating breakthrough discoveries from leading academic institutions, we have the opportunity to make a real impact on the lives of patients.”
“Bristol-Myers Squibb’s distinctive BioPharma strategy leverages the reach and resources of a major pharma company paired with the entrepreneurial spirit and agility of a biotech firm,” said Bruce Car, PhD, Interim Head, Discovery Research, Bristol-Myers Squibb. “Partnering with an innovative accelerator like BioMotiv strengthens our ability to translate cutting edge, early-stage academic discoveries into new therapies for patients with serious diseases.”
About BioMotiv
BioMotiv is the mission-driven accelerator associated with The Harrington Project for Discovery & Development, a $380 million initiative for advancing medicine centered at University Hospitals in Cleveland. The focus is to accelerate breakthrough discoveries from research institutions into therapeutics for patients through an innovative model that efficiently aligns capital and collaborations. The company leverages an experienced team and advisory board to select, fund, and actively manage and advance a portfolio of drug development programs. For more information, go to www.biomotiv.com
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 about Bristol-Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube and Facebook.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products and the partnership. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on historical performance and current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, that the expected benefits of, and opportunities related to, the partnership may not be realized by Bristol-Myers Squibb or may take longer to realize than anticipated and that Bristol-Myers Squibb may fail to discover and develop any commercially successful product candidates through the partnership. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol-Myers Squibb's business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2018, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol-Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
