BMS' radiopharma unit builds with $1.35bn Philochem deal

Bristol Myers Squibb has expanded its push into radiopharmaceuticals by licensing a prostate cancer therapy developed by Swiss biotech Philochem in a deal that includes an upfront payment of $350 million.

BMS kickstarted its radiopharma drive last year when it completed a $4.1 billion acquisition of San Diego-based RayzeBio, with a portfolio that included a late-stage candidate for neuroendocrine tumours (NETs) and therapies for lung, liver, and kidney cancers.

Now, its deal with Philochem gives it exclusive worldwide rights to OncoACP3, an experimental therapeutic and diagnostic agent targeting prostate cancer that expresses acid phosphatase 3 (ACP3), a novel target, which is in a phase 1 trial.

That target differentiates it from rivals like Novartis' PSMA-directed radioligand therapy Pluvicto (lutetium Lu 177 vipivotide tetraxetan), which is approved to treat PSMA-positive, metastatic castration-resistant prostate cancer (mCRPC) and generated nearly $1.4 billion in sales last year.

BMS' agreement includes up to $1 billion in development, regulatory, and commercial milestones, plus royalties on sales of both the diagnostic and therapeutic candidates.

ACP3 expression has been linked to the progression of prostate cancers and, according to some studies, is expressed at higher levels in a greater number of prostate cancer cells than PSMA and is more specifically localised to the prostate.

"OncoACP3 is a best-in-class targeting agent with the potential to become a breakthrough treatment in this field," said Dario Neri, chief executive and chief scientific officer of Philochem's Philogen subsidiary, which developed the programme.

Radiopharma therapies bind to tumour cells and deliver targeted radiation to induce cancer cell death, a treatment strategy that is gathering momentum in oncology and has been fuelling some big-ticket M&S and partnering deals, with Novartis, BMS, Eli Lilly, AstraZeneca, and Bayer all building a presence in the category.

OncoACP3 is initially being developed as a diagnostic form (68Ga-OncoACP3), with studies showing the radiotracer is preferentially taken up into tumour cells, with minimal uptake in healthy tissues, and is retained in the tumours long enough for PET imaging of the cancer to be feasible.

Otelfing-based Philochem is also preparing to start clinical testing of a therapeutic variant carrying the radioisotope Actinium 225 (225Ac-OncoACP3).

In a statement, RayzeBio president Ben Hickey said OncoACP3 "provides a differentiated entry for Bristol Myers Squibb and RayzeBio into the prostate cancer arena, building on our leadership in actinium-based [radiopharmaceutical therapy] development."

BMS has been building its late-stage pipeline in the last couple of years as it prepares for the loss of patent protection for a number of its big-selling brands in the next few years, including cancer immunotherapies Opdivo (nivolumab) and Yervoy (ipilimumab) and anticoagulant Eliquis (apixaban), which will all face biosimilar or generic competition by the end of the decade.