F-Star Alpha acquired by Bristol-Myers Squibb

F-Star Alpha, a subsidiary of University of Natural Resources and Life Sciences (Boku) life science spin-out F-Star, has signed an agreement with Bristol-Myers Squibb to be acquired for $50m.

F-Star Alpha holds the patents to FS102, a therapy targeting breast and gastric cancer currently still in development. The therapy is specifically aimed at patients who have become resistant or have been non-responsive to current therapies.

Bristol-Myers Squibb will initially pay $50m which consists of payment for the FS102 rights and licenses as well as a clinical milestone payment once the phase 1 clinical trial begins. Possible future payments for a phase 3 clinical trial and approval in the US and Europe milestones, may raise the total amount paid to $475m.

F-Star was spun out of Boku in 2006, based on research by Florian Rüker. It is now based in Cambridge in the UK but still maintains close ties with the university.

John Haurum, chief executive at F-Star, said: “We are thrilled that a company with the oncology experience and expertise of Bristol-Myers Squibb will be advancing our first clinical asset with the potential to provide a significant improvement over the current standard of care for a defined group of patients with Her2-positive cancer. In addition to the important improvement of cancer therapy FS102 may provide to patients, this program also provides validation of the Modular Antibody Technology platform as a powerful engine to discover and rapidly develop novel targeted biologics.”