BMS takes option to acquire Galecto

Bristol-Myers Squibb Co. (NYSE:BMY) obtained an exclusive option to acquire Galecto Biotech AB (Copenhagen, Denmark), which would give it rights to lead program TD139, an inhaled galectin-3 ( LGALS3) inhibitor to treat pulmonary fibrotic conditions. The deal is valued at $444 million, including an option fee, exercise fee, and clinical and regulatory milestones.

The companies did not release specific terms, and Galecto CEO Hans Schambye would not tell BioCentury how much the biotech received up front. ...