ASLAN Pharmaceuticals Pte Ltd, a pharmaceutical company headquartered in Singapore, and Bristol-Myers Squibb Company (NYSE: BMY) today announced an innovative strategic partnership allowing for the rapid development of BMS-777607, Bristol-Myers Squibb's investigational small molecule inhibitor of the MET receptor tyrosine kinase for treatment of solid tumors. This creative approach will accelerate the delivery of clinical proof-of-concept by leveraging the complementary strengths of an Asia-based drug development company and a global biopharmaceutical company.
Under the terms of the agreement, ASLAN will receive exclusive rights to develop and commercialize BMS-777607 in China, Australia, Korea, Taiwan and other selected Asian countries while Bristol-Myers Squibb retains exclusive rights in the rest of the world. ASLAN will run and fund development of BMS-777607 under a pre-agreed development program that will initially target gastric cancer and lung cancer. Financial terms were not disclosed.
"This ground-breaking partnership demonstrates how a leading Asian drug development company can work together with a global biopharmaceutical company to accelerate drug development and conduct early clinical studies in Asia in areas of significant unmet need," said Dr. Carl Firth, CEO of ASLAN.
"As part of our biopharma strategy, Bristol-Myers Squibb seeks to seed companies in key markets with promising investigational medicines of continued interest to Bristol-Myers Squibb," said Francis Cuss, senior vice president, Research, Bristol-Myers Squibb. "Dubbed our Oyster strategy, under this type of agreement partners like ASLAN run and fund early development, working closely with Bristol-Myers Squibb, to produce high-quality data that may be used to further develop and commercialize the medicine worldwide. We are pleased to be working with ASLAN to quickly further our understanding of this oncology compound for use in treating solid tumors."
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