Bristol-Myers Squibb and California Institute for Biomedical Research (Calibr) Sign Worldwide Research Collaboration and License Agreement Focused on New Treatment Approaches for Fibrotic Diseases

Bristol-Myers Squibb Company (NYSE:BMY) and the California Institute for Biomedical Research (Calibr) announced today they have entered into a worldwide research collaboration to develop novel small molecule anti-fibrotic therapies, and an exclusive license agreement that allows Bristol-Myers Squibb to develop, manufacture and commercialize Calibr’s preclinical compounds resulting from the collaboration.

“Bristol-Myers Squibb’s collaboration with Calibr further strengthens our Specialty portfolio and advances the company’s fibrotic diseases pipeline with the addition of this promising program,” said Carl Decicco, Ph.D., Head of Discovery, R&D, Bristol-Myers Squibb. “Calibr’s innovative discovery program in fibrosis represents an opportunity to develop new treatment approaches for patients.”

“Progressing our small molecule anti-fibrotic program toward the clinic represents a critical step in our mission to deliver therapies for unmet medical needs to patients,” said Peter G. Schultz, Ph.D., Institute Director and Founder of Calibr. “We are delighted to accelerate these efforts by partnering with Bristol-Myers Squibb.”

Identifying novel medicines to halt or slow the progression of fibrotic disease and improve upon the current standard of care is a key part of Bristol-Myers Squibb’s R&D strategy. Calibr, an independent, not-for-profit organization established to accelerate the translation of basic biomedical discoveries into innovative new medicines, brings to the collaboration substantial expertise in identifying and optimizing small molecules with anti-fibrotic activity through its high-throughput screening, target identification, and preclinical drug discovery infrastructure.

Bristol-Myers Squibb is committed to addressing the unmet need in fibrosis, a strategic area of focus for the company, by identifying novel medicines to halt or slow the progression of fibrotic disease. Among the assets in Bristol-Myers Squibb’s fibrosis portfolio are BMS-986020, a lysophosphatidic acid 1 (LPA1) receptor antagonist in Phase 2 development for the treatment of idiopathic pulmonary fibrosis (IPF), and a CCR2/5 dual antagonist in Phase 2 development for diabetic kidney disease. In November, 2014, Bristol-Myers Squibb and Galecto Biotech AB announced, together with the Galecto shareholders, an agreement that provides Bristol-Myers Squibb the exclusive option to acquire Galecto Biotech AB and gain worldwide rights to its lead asset TD139, a novel inhaled inhibitor of galectin-3 in Phase 1 development for the treatment of IPF and other pulmonary fibrotic conditions.

Bristol-Myers Squibb and Calibr anticipate that the transaction will close during the first quarter of 2015. Closing of the transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Financial terms of the agreement were not disclosed.

About California Institute of Biomedical Research

The California Institute for Biomedical Research (Calibr) is an independent, not-for-profit organization established in 2012 with the goal of accelerating the translation of basic biomedical research to new therapies that address unmet medical needs. Calibr’s research interests span a large range of human diseases, including cancer, autoimmunity and inflammatory diseases, metabolic and cardiovascular diseases, infectious and neglected diseases, as well as age-related and degenerative diseases.

About Bristol-Myers Squibb

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. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.

Bristol-Myers Squibb Forward-Looking Statement

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the investigational compounds discussed in this release will be successfully developed or approved for any of the indications described in this release or that the transaction will close within the timeframe described in this release. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2013 in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.