Japanese industrial and technology conglomerate Nitto Denko Corporation and Bristol-Myers Squibb (BMS) have entered into an agreement granting the latter exclusive worldwide rights for the development and commercialization of Nitto technological research.
Nitto’s investigational siRNA molecules target heat shock protein 47 (HSP47) in vitamin A containing formulations, which includes Nitto’s lead asset, ND-L02-s0201, currently being studied for the treatment of advanced liver fibrosis.
The agreement grants BMS the option to receive exclusive licences to Nitto’s siRNA therapy for the treatment of lung fibrosis and other organ fibrosis. The agreement is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act. As part of the arrangement, BMS will pay US$100 million to Nitto. Nitto will also be eligible to receive subsequent clinical and regulatory milestone payments, royalties, sales-based milestone payments, as well as option exercise payments.
Established in 1918, Nitto is expanding its businesses as a global market leader across several industries including electronics, automotive, housing, infrastructure, environmental and medical sectors, operating through more than 100 companies worldwide with over 30,000 employees.
Legal counsel: The Orrick team advising Nitto was led by M&A and private equity partner Hiroshi Sarumida and IP partner Antony Pfeffer, and included assistance by Richard DeLucia and King Milling. In October, an Orrick team led by Hiroshi advised Nitto on its acquisition of two US biopharmaceutical companies, Irvine Pharmaceutical Services and Avrio Biopharmaceuticals.