Bristol-Myers Squibb Signs Exclusive Option Agreement to Acquire Galecto Biotech AB and its Novel Galectin-3 inhibitor in Development for Idiopathic Pulmonary Fibrosis

November 3, 2014

(NEW YORK and COPENHAGEN – November 3, 2014) – Bristol-Myers Squibb Company (NYSE: BMY) and Galecto Biotech AB today announced that the companies, together with the Galecto shareholders, have entered into an agreement that provides Bristol-Myers Squibb the exclusive option to acquire Galecto Biotech AB and gain worldwide rights to its lead asset TD139, a novel inhaled inhibitor of galectin-3 in Phase 1 development for the treatment of idiopathic pulmonary fibrosis (IPF) and other pulmonary fibrotic condition. Total aggregate payments in agreement have the potential to reach $444 million, which includes the option fee, an option exercise fee and subsequent clinical and regulatory milestone payments.

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