INNATE PHARMA (EPA:IPH) Bristol-Myers Squibb and Innate Pharma Announce Breakthrough Global License Agreement for an Investigational Immuno-Oncology Biologic

Transparency directive : regulatory news

06/07/2011 20:30

Bristol-Myers Squibb and Innate Pharma Announce Breakthrough Global License
         Agreement for an Investigational Immuno-Oncology Biologic

       (PRINCETON, New Jersey, and MARSEILLE, France, July 6, 2011) -
Bristol-Myers Squibb Company (NYSE: BMY) and Innate Pharma S.A. (Euronext Paris:
FR0010331421, IPH) today announced a global agreement for the development and
commercialization of IPH2102, a novel antibody in Phase I development for the
treatment of cancer.

        Under the terms of the agreement, Innate Pharma will grant to
Bristol-Myers Squibb exclusive worldwide rights to develop, manufacture and
commercialize IPH2102 and related compounds blocking KIR receptors. The
agreement covers all potential indications for IPH2102. Innate Pharma will
continue to develop IPH2102 in acute myeloid leukemia (AML) through to the end
of Phase II. Innate Pharma will also provide pre-clinical support for the
development of IPH2102. Bristol-Myers Squibb will fund the development of
IPH2102, make an upfront payment of $35 million and additional payments of up to
$430 million, depending on the achievement of pre-specified milestones during
the development and commercialization period, as well as pre-specified tiered
double-digit royalty payments on worldwide net sales.

        "Bristol-Myers Squibb is dedicated to helping patients prevail over
cancer," said Francis Cuss, senior vice president, Research, Bristol-Myers
Squibb. "To help us in this mission, we are very pleased to join forces with
Innate Pharma which has developed a deep understanding of the immune system.
Working together we have the opportunity to develop IPH2102, a potential
first-in-class biologic that may be able to harness a patient's immune system in
the fight against cancer."

        "Bristol-Myers Squibb's String of Pearls strategy seeks to establish
collaborations with leading innovator companies across the globe" said Mike
Seeley, general manager, France, Bristol-Myers Squibb. "We are excited to
establish an important such collaboration in France with Innate Pharma, a
pioneer in the field of innate immunity. This collaboration highlights our
commitment to France, the French biotech community and to immuno-oncology, an
area in which Bristol-Myers Squibb has developed a robust pipeline including
ipilimumab."

        "This agreement is the largest biotech licensing deal ever signed in
France. Entering such a collaboration with Bristol-Myers Squibb gives Innate
Pharma a strong validation of the key concepts of its science", said Hervé
Brailly, Chief Executive Officer, Innate Pharma. "Bristol Myers Squibb is a
global leader in the field of immuno-oncology and therefore the best possible
partner to fully realize the potential of IPH2102 and we look forward to this
collaboration."

Conference call: Innate Pharma's management team will be hosting a conference
call to discuss this agreement on Thursday 7 July, 2011 at 14:00 CET, 13:00 BST,
08:00 EDT.

Investors, journalists and financial analysts are invited to participate in the
conference call by dialing:

                     France - +33 (0)1 70 99 42 87
                          UK - +44 (0)20 7136 2054
                             USA - +1 212 444 0895
                              Access Code: 9124296

The conference call will be hosted in English. A replay of the call will be
available for 7 days.

Replay Access Number: France - +33 (0)1 74 20 28 00, UK - +44 (0)20 7111 1244,
USA - +1 347 366 9565. Replay Access Code: 9124296#

About IPH2102
        IPH2102 is a fully human monoclonal antibody blocking interaction
between Killer-cell immunoglobulin-like receptors (KIR) on Natural Killer (NK)
cells with their ligands. By blocking these receptors, it facilitates activation
of NK cells, and, potentially, destruction of tumor cells by the latter. It is
currently being tested in a Phase I clinical trial in cancer patients.

About Bristol-Myers Squibb
        Bristol-Myers Squibb is a global biopharmaceutical company whose mission
is to discover, develop and deliver innovative medicines that help patients
prevail over serious diseases. For more information, please visit www.bms.com or
follow us on Twitter at http://twitter.com/bmsnews.

About Innate Pharma
        Innate Pharma S.A. is a biopharmaceutical company developing
first-in-class immunotherapy drugs targeting innate immunity checkpoints. Its
innovative approach has been validated by license agreements with Novo Nordisk
A/S. and Bristol Myers Squibb, two major pharmaceutical companies. Learn more
about Innate Pharma at www.innatepharma.com.

Bristol-Myers Squibb Forward-Looking Statements
       This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995, regarding the
research, development and commercialization of pharmaceutical products. Such
forward-looking statements are based on current expectations and involve
inherent risks and uncertainties, including factors that could delay, divert or
change any of them, and could cause actual outcomes and results to differ
materially from current expectations. No forward-looking statement can be
guaranteed. Among other risks, there can be no guarantee that the compound
described in this release will move from early stage development into full
product development, that clinical trials of this compound will support a
regulatory filing, or that the compound will receive regulatory approval or
become a commercially successful product. Forward-looking statements in the
press release should be evaluated together with the many uncertainties that
affect Bristol-Myers Squibb's business, particularly those identified in the
cautionary factors discussion in Bristol-Myers
Squibb's Annual Report on Form 10-K for the year ended December 31, 2010, its
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers
Squibb undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise.

Innate Pharma Forward-Looking Statements
This press release contains certain forward-looking statements. Although the
company believes its expectations are based on reasonable assumptions, these
forward-looking statements are subject to numerous risks and uncertainties,
which could cause actual results to differ materially from those anticipated.
For a discussion of risks and uncertainties which could cause the company's
actual results, financial condition, performance or achievements to differ from
those contained in the forward-looking statements, please refer to the Risk
Factors ("Facteurs de Risque") section of the Document de Reference prospectus
filed with the AMF, which is available on the AMF website
(http://www.amf-france.org) or on Innate Pharma's website.
This press release and the information contained herein do not constitute an
offer to sell or a solicitation of an offer to buy or subscribe to shares in
Innate Pharma in any country.

Bristol-Myers Squibb
Media: Jennifer Fron Mauer, 609-252-6579, jennifer.mauer@bms.com or
Investors: John Elicker, 609-252-4611, john.elicker@bms.com

Innate Pharma
Media: Peter Laing, Amber Bielecka, M:Communications, +44 (0)20 7920 2330,
healthcare@mcomgroup.com or
Investors: Laure-Hélène Mercier, +33 (0)4 30 30 30 87,
investors@innate-pharma.fr

                                    ###

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INNATE PHARMA (EPA:IPH) Bristol-Myers Squibb and Innate Pharma Announce Breakthrough Global License Agreement for an Investigational Immuno-Oncology Biologic

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