Biopharmaceutical company Bristol-Myers Squibb has acquired US-based biotechnology company iPierian for $175m, with up to $550m in development and regulatory milestone payments to be added on post-acquisition.
The deal will provide exits to investors including Google Ventures, the corporate venturing arm of diversified internet company Google, and SR One, the early-stage investment subsidiary of pharmaceutical firm GlaxoSmithKline.
Founded in 2007 as iZumi Bio, iPierian is developing treatments for neurodegenerative diseases that involve discovering monoclonal antibodies that can combat the aggression of Tau protein in the human brain.
Bristol-Myers Squibb will gain access to iPierian’s lead product candidate, progressive supranuclear palsy treatment IPN007, through the acquisition. Phase 1 clinical trials for IPN007 could begin as soon as early 2015.
The company had raised about $66m in equity funding, according to press releases and regulatory filings.
SR One co-led iPierian’s $30m series C round, raised in September 2013, with Kleiner Perkins Caufield & Byers and MPM Capital, and which also featured Google Ventures, Mitsubishi UFJ Capital, Atel Ventures, Highland Capital Partners and FinTech Global Capital.