Israeli clinical-stage cancer immunotherapy company and predictive target discovery company Compugen Ltd. (Nasdaq: CGEN; TASE:CGEN) announced today that Bristol Myers Squibb (NYSE: BMY) has completed a $20 million investment in Compugen. The investment is being made at $8.57333 per share, a 33% premium over Tuesday's closing price.
Bristol Myers Squibb (BMS) invested $12 million in Compugen to collaborate to develop COM701, a humanized antibody that binds with high affinity to PVRIG, a novel immune checkpoint discovered computationally by Compugen, blocking the interaction with its ligand, PVRL2, which prevents cancers from attacking the immune system
As part of current expansion of the collaboration, a joint steering committee has been formed to facilitate strategic oversight and guidance for the programs run under the collaboration. This will run alongside the existing joint development committee which acts at an operational level.
Compugen CEO Dr. Anat Cohen-Dayag said, "Bristol Myers Squibb's strategic investment in Compugen strengthens our relationship and the goal of both companies to take forward our clinical studies conducted under our collaboration in bringing innovative therapies to cancer patients. We value Bristol Myers Squibb's continued support of Compugen and in our evaluation of our DNAM axis hypothesis by testing COM701 in combination with nivolumab as a dual combination and in combination with nivolumab and BMS-986207 as a triple combination targeting PVRIG, PD-1 and TIGIT."
Published by Globes, Israel business news - en.globes.co.il - on November 11, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.