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Tranzyme Pharma Announces Successful Completion of Drug Discovery Collaboration With Bristol-Myers Squibb
Compounds Transferred to Bristol-Myers Squibb for Further Development
Research Triangle Park, N.C. - January 4, 2013 – Tranzyme Pharma (Nasdaq:TZYM), a biopharmaceutical company focused on discovering, developing and commercializing novel small molecule macrocyclic compounds, today announced the successful completion of its chemistry-based drug discovery collaboration with Bristol-Myers Squibb. As a result of the joint research efforts, Tranzyme has transferred compounds to Bristol-Myers Squibb for further development across multiple drug targets. As part of this agreement, Tranzyme retains the option to further pursue select collaboration targets for internal development.
The goal of the strategic collaboration, established in December 2009, was to deploy Tranzyme's proprietary chemistry technology, Macrocyclic Template Chemistry (MATCH™), in the discovery of novel active macrocycles against a range of diverse biological targets that have historically been difficult to access with conventional small molecule chemistry. These macrocycles represent a distinct and underexplored compound class that displays favorable characteristics exhibited by large biomolecules, such as high potency and selectivity, while maintaining the benefits typically associated with small molecule drugs, such as high oral availability, good tissue and cell permeability and low cost of goods.
Under the terms of the agreement, Tranzyme had primary responsibility for early lead compound discovery. Bristol-Myers Squibb has primary responsibility for optimizing the identified lead compounds, and sole responsibility for completing preclinical and clinical development of all products arising from the collaboration, and for their commercialization globally. Total milestone payments under the agreement, excluding royalties and sales milestones, could reach up to approximately $80 million for each target program.
"We have enjoyed an exceptionally close and productive relationship with Bristol-Myers Squibb and are excited to be transitioning now the fruits of our discovery collaboration to our partner for further development," said Helmut Thomas, PhD, Tranzyme's Senior Vice President of Research and Preclinical Development. "This milestone serves to further validate our technology's broad application to a diverse range of difficult drug targets and its value in the discovery of drugs for the treatment of diseases far beyond our own internal focus on gastrointestinal and metabolic disorders."
About Tranzyme Pharma
Tranzyme Pharma is a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of upper gastrointestinal (GI) motility disorders. While approximately 40 percent of people in the U.S. are affected by these persistent and recurring conditions which disrupt the normal movement of food throughout the GI tract, there are a limited number of safe and effective treatment options. By leveraging its proprietary drug discovery technology, MATCH™, Tranzyme is committed to pursuing first-in-class medicines to address areas of significant unmet medical needs.
Further information about Tranzyme Pharma can be found on the Company's web site at www.tranzyme.com.
Statements in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, including the potential receipt of milestone payments, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks related to enrollment and successful completion of our trials, risk of unforeseen side effects, risks related to our collaborations and risks related to regulatory approval of new drug candidates. Further information on these and other factors that could affect the company's financial results is contained in our public filings with the Securities and Exchange Commission (SEC) from time to time, including our Form 10-Q for the quarter ended September 30, 2012 which was filed with the SEC on November 9, 2012, and subsequent filings with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.