Additional Relevant Details Bristol-Myers Squibb will acquire all of the outstanding capital stock of Padlock, a private, Cambridge, Massachusetts-based biotechnology company dedicated to creating new medicines to treat destructive autoimmune diseases. The acquisition will give Bristol-Myers Squibb full rights to Padlock’s Protein/Peptidyl Arginine Deiminase (PAD) inhibitor discovery program focused on the development of potentially transformational treatment approaches for patients with rheumatoid arthritis (RA). Padlock’s PAD discovery program may have additional utility in treating systemic lupus erythematosus (SLE) and other autoimmune diseases.
The transaction includes upfront and near term contingent milestone payments of up to $225 million and additional contingent consideration of up to $375 million upon the achievement by Bristol-Myers Squibb of certain development and regulatory events. The transaction has been approved by the boards of directors of both companies and by the stockholders of Padlock.