Singapore, May 14, 2008: Bristol-Myers Squibb and KAI Pharmaceuticals, a privately held biotechnology company, have announced an exclusive agreement for the global development and commercialization of KAI-9803, KAI’s proprietary, first-in-class inhibitor of the delta protein kinase C pathway (delta PKC).

 

KAI-9803 is designed to reduce the size of the heart attack and to improve clinical outcomes during treatment of acute myocardial infarction (AMI). KAI-9803 is expected to enter Phase 2b clinical testing by the end of 2008 in patients with ST elevation myocardial infarction (STEMI).

 

As per the deal, KAI will receive an upfront cash payment of $25 million. Bristol-Myers Squibb will fund all future development, including the phase 2b clinical trial to be conducted by KAI.

KAI may receive from Bristol-Myers Squibb up to $192 million in milestone payments based on the achievement of pre-specified development and regulatory milestones for KAI-9803. KAI could be eligible for additional milestones if other compounds are developed. KAI will have an option to co-promote KAI-9803 in the US, and will receive royalty payments on product net sales worldwide.

 

“Bristol-Myers Squibb has deep expertise in helping patients in their battle against cardiovascular disease,” said Brian Daniels, Senior Vice President, Global Development & Medical Affairs at BMS. “KAI-9803 provides us with the opportunity to develop and market a truly innovative therapy that leverages our core capabilities in this area of high unmet medical need. This licensing agreement is an example of our company’s strategy to integrate external innovation that enriches our pipeline and contributes to our transformation to a next-generation biopharma leader.”