On November 6, Bristol Myers Squibb (BMS) announced that it entered into an agreement to acquire Orum Therapeutics’ GSPT1 platform.
Under this transaction, BMS will pay an upfront payment of $100 million, and Orum Therapeutics is eligible to receive milestone payments for a total deal value of $180 million.
Orum Therapeutics’ GSPT1 platform uses unique Dual-Precision Targeted Protein Degradation (TPD) approach to build novel targeted protein degraders combined with the precise tumor cell delivery mechanisms of antibodies. This generates innovative, first-in-class, tumor-selective TPDs for the treatment of cancer.
BMS is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines to treat serious diseases. According to its 2022 annual report, BMS reported an annual revenue for 2022 of $46.2 billion. It was bought by Lotte Biologics in 2023.
Perella Weinberg Partners acted as financial advisor, and Sterne Kessler Goldstein & Fox, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Orum Therapeutics.
According to data captured in the LevinPro HC database, this transaction marks the 138th Biotechnology acquisition of 2023. This is also BMS’ second acquisition of the year. In October 2023, the company purchased Mirati Therapeutics, a commercial-stage targeted oncology company, for $4.8 billion.
