Davis Polk is advising Bristol Myers Squibb on its acquisition of Forbius. The transaction includes an upfront payment and future success-based milestone payments. The transaction is expected to close in the fourth quarter of 2020, subject to the satisfaction of customary closing conditions.

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Forbius is a clinical-stage protein engineering company that develops biotherapeutics to treat fibrosis and cancer. Forbius’ team of TGF-beta biology experts designed a proprietary platform of TGF-beta inhibitors with best-in-class potency and selectivity against the principal disease-driving isoforms 1 & 3. Forbius’ lead TGF-beta 1 & 3 inhibitor, AVID200, has completed Phase 1a clinical trials in one fibrotic indication as well as in solid tumors.

The Davis Polk corporate team includes partner Michael Davis and associates Matthew J. Cowcher, Nicholas C. Phillips and Jerry O’Young. Partner David R. Bauer and counsel Bonnie Chen are providing intellectual property advice. Partner William A. Curran is providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Jesse Solomon is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York, Washington DC and Northern California offices.

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