Five Prime Therapeutics Receives Early HSR Clearance for FPA008 License and Collaboration Agreement With Bristol-Myers Squibb

On November 11, 2015 Five Prime Therapeutics, Inc. (Nasdaq:FPRX), a clinical-stage biotechnology company focused on discovering and developing novel protein therapeutics for cancer and inflammatory diseases, reported that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Acts of 1976 (HSR Act) in connection with the exclusive worldwide license and collaboration agreement with Bristol-Myers Squibb (BMS) for the development and commercialization of Five Prime’s colony stimulating factor 1 receptor (CSF1R) antibody program, including FPA008 (Press release, Five Prime Therapeutics, NOV 11, 2015, View Source [SID:1234508192]). With the early termination of the applicable waiting period under the HSR Act, the collaboration agreement with BMS is effective as of November 10, 2015, and the related $350 million upfront payment by BMS to Five Prime is due within 30 days of the effective date.

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Additional details regarding the collaboration can be found in Five Prime’s Form 8-K filed with the Securities and Exchange Commission on October 15, 2015.

About FPA008

FPA008 is an investigational antibody that inhibits CSF1R and has been shown in preclinical models to block the activation and survival of monocytes and macrophages. Inhibition of CSF1R in preclinical models of several cancers reduces the number of immunosuppressive tumor-associated macrophages (TAMs) in the tumor microenvironment, thereby facilitating an immune response against tumors. FPA008 is currently in phase 1 clinical trials in several immunology and oncology indications.