November.10.2016
Nitto Denko Corporation (6988: Tokyo), a Japanese industrial and technology conglomerate, and Bristol-Myers Squibb Company (NYSE: BMY) today announced that the companies have entered into an agreement granting BMS exclusive worldwide rights for the development and commercialization of Nitto’s investigational siRNA molecules targeting heat shock protein 47 (HSP47) in vitamin A containing formulations, which includes Nitto’s lead asset ND-L02-s0201, currently in Phase 1b study for the treatment of advanced liver fibrosis. The agreement also grants BMS the option to receive exclusive licenses to Nitto's siRNA therapy for the treatment of lung fibrosis and other organ fibrosis. The agreement is subject to clearance under the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
As part of the agreement, BMS will make an upfront payment of $100 million to Nitto. Additionally, Nitto will be eligible to receive subsequent clinical and regulatory milestone payments, royalties, sales based milestone payments, as well as option exercise payments.
Established in 1918, Nitto, led by President, CEO and COO Hideo Takasaki, is currently expanding its businesses as a global market leader across several industries, including electronics, automotive, housing, infrastructure, environmental, and medical sectors, operating through over 100 companies worldwide with over 30,000 employees.
The Orrick team advising Nitto was led by M&A and private equity Partner Hiroshi Sarumida and IP Partner Antony Pfeffer, and included assistance by Richard DeLucia and King Milling. Last month, an Orrick team led by Hiroshi advised Nitto on its acquisition of two U.S. biopharmaceutical companies, Irvine Pharmaceutical Services and Avrio Biopharmaceuticals.