24/7 Market News- Prime Medicine Enters Strategic Research Collaboration and License Agreement with Bristol Myers Squibb and Reveals Strategically Focused Pipeline

September 30, 2024

DENVER, Colo., Sep 30, 2024 (247marketnews.com)- Prime Medicine, Inc. (Nasdaq: PRME) reported entering a strategic research collaboration and license agreement with Bristol Myers Squibb (NYSE: BMY) to develop reagents for ex vivo T-cell therapies.

The agreement calls for Prime Medicine to design optimized Prime Editor reagents, including reagents utilizing its Prime Assisted Site-Specific Integrase Gene Editing (PASSIGE) technology, while Bristol Myers Squibb handles the development, manufacturing and commercialization process.

Keith Gottesdiener, M.D., Prime Medicine’s President and CEO, commented, “We are excited to collaborate with Bristol Myers Squibb, a global leader in cell therapy for hematology, immunology, and oncology. Through this effort, we will apply our Prime Editing technology beyond the rare genetic diseases in our internal pipeline, potentially unlocking opportunities in areas of high unmet needs in immunological diseases and cancer.

“We are particularly excited that efforts under this collaboration will leverage our PASSIGE technology, that we believe will advance our one-step, non-viral, multi-kilobase-size gene editing approach into the clinic. There is tremendous opportunity for PASSIGE and Prime Editing to revolutionize the field of cell therapy, and we look forward to expanding our reach over time through both internal and partnered efforts.”

Bristol Myers Squibb will pay Prime Medicine a $55 million upfront payment and make a $55 million equity investment in Prime Medicine, which is also eligible to receive more than $3.5 billion in milestone and royalty payments.

Teri Foy, Bristol Myers Squibb’s Senior Vice President of Cancer Immunology and Cell Therapy Therapeutic Research Center, added, “We are excited to enter this agreement with Prime Medicine as we continue to explore and invest in next generation approaches, including gene editing technologies, that may help unlock the full potential of cell therapy.

“Integrating Prime Medicine’s technologies with our internal capabilities has the potential to open new avenues for innovation and we look forward to collaborating with them as we continue to bring the promise of cell therapy to immunology and oncology.”

Prime Medicine further stated that the $110 million upfront payment from Bristol Myers Squibb will extend Prime Medicine’s cash runway into 2026, so it can focus its pipeline on a set of high value programs.

Gottesdiener added, “We founded Prime Medicine with a singular vision: to apply our groundbreaking Prime Editing platform to address the genetic causes of debilitating diseases and provide patients with long-lasting cures.

“Over the past four years, we have started to translate this vision into reality, advancing PM359 into the clinic and generating preclinical data that show we can reproducibly and durably correct disease causative mutations in multiple cell types and successfully deliver Prime Editors across target tissues. In addition, we are encouraged by recent commentary from the U.S. Food and Drug Administration, which is increasingly supportive of modular approaches to developing genetic therapies, for which we believe Prime Editing is uniquely suited. We believe that Prime Medicine has the potential to change the treatment paradigm for a wide range of diseases, which collectively impact millions of people.”

“In order to maximize Prime Editing’s reach, we believe now is the time to strategically focus our efforts on a set of high value programs. Importantly, each prioritized program is intended to serve as a beachhead, allowing us to advance our technological leadership across a number of target tissues and cell types, while providing insights into research and development, regulatory strategy, CMC and delivery that will potentially allow us to progress our follow-on programs more rapidly and efficiently. In parallel, we plan to continue to leverage strategic business development, such as the collaboration with Bristol Myers Squibb that we announced this morning, to further extend Prime Editing’s reach. We expect to share first-in-human clinical data from our Phase 1/2 trial in CGD in 2025 and new preclinical data for our Wilson’s Disease program in the fourth quarter of 2024, as we work to bring this paradigm-shifting technology to patients.”

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