Padlock Therapeutics, Bristol-Myers deal

Bristol-Myers will acquire autoimmune company Padlock. The biotech will receive $225 million in upfront and near-term milestone payments and will be eligible for up to $375 million in development and regulatory milestones.

Padlock is developing a pipeline of preclinical peptidyl arginine deiminase ( PADI; PAD) inhibitors to treat autoimmune disorders, including rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE). The companies expect the deal to close next quarter. The companies declined to disclose additional details. ...