Wiggin and Dana Advises Galecto Biotech AB in Option for Bristol-Myers to Acquire Galecto
Wiggin and Dana represented Galecto Biotech AB, a Swedish company, in an agreement with Bristol-Myers Squibb Company under which Bristol-Myers obtained an exclusive option to purchase Galecto Biotech and gain worldwide rights to Galecto Biotech's lead compound, TD139. The compound is a novel inhaled inhibitor of galectin-3 in Phase 1 development for the treatment of idiopathic pulmonary fibrosis (IPF). Payments by Bristol-Myers could reach a total of $444 million if the option is exercised and all clinical and regulatory milestones are achieved. Galecto's principal investors include Sunstone Life Science Venture Fund III K/S, Seed Capital Denmark II K/S, Novo A/S and Merck Holding GmbH.
Advising Galecto Biotech in the transaction were Corporate partners James F. Farrington, Jr. and Mark S. Kaduboski, Corporate associates Ann S. Matthews and Diane M. Cooper, and Tax partner Peter H. Gruen.
For more information about the transaction, please see the press release issued by Galecto Biotech here.