Israeli genomics-based drug and diagnostic discovery company Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) and Bristol Myers Squibb (BMS) (NYSE: BMS) today announced the companies have entered into a clinical trial collaboration to evaluate Compugen’s COM701 with BMS's PD-1 immune checkpoint inhibitor Opdivo, in patients with advanced solid tumors. As part of the collaboration, Bristol-Myers Squibb will invest $12 million in Compugen through a share purchase agreement.
Compugen will sponsor the ongoing two-part Phase 1 trial, which includes the evaluation of the combination of COM701 and Opdivo in four tumor types, including non-small cell lung, ovarian, breast and endometrial cancer.
Compugen president and CEO Anat Cohen-Dayag said, “We are excited to have Bristol-Myers Squibb, the global leader in immuno-oncology, as a collaborator and strategic investor in Compugen. This collaboration gives Compugen access to Bristol-Myers Squibb’s Opdivo, enabling the evaluation of COM701 plus a PD-1 inhibitor and potentially accelerating the timeline for clinical testing of COM701 as part of other novel combinations.”
“Our goal is to evaluate whether the innovative combination of COM701 with Opdivo is safe and active in various tumor types,” said Fouad Namouni, M.D., Head of Development, Oncology, Bristol-Myers Squibb. “We look forward to building a strong collaboration with Compugen and addressing significant unmet needs.”
Under the terms of the share purchase agreement, Bristol-Myers Squibb will make a $12 million investment in Compugen by buying 2,424,243 shares of Compugen stock purchased at $4.95 per share, representing a 33% premium over the average closing price on the last 20 NASDAQ trading days. The investment is expected to close on or about October 12, subject to closing conditions.
Published by Globes [online], Israel business news - en.globes.co.il - on October 11, 2018
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