Foley Hoag Advises OliPass on Strategic Alliance with Bristol-Myers Squibb
October 29, 2014
Foley Hoag LLP advised OliPass Corporation, a privately held biopharmaceutical company focused on developing antisense medicines based on peptide nucleic acid (PNA) technology, in its strategic partnership with Bristol-Myers Squibb Company (BMS). This worldwide strategic alliance will discover and develop therapeutics against multiple targets using OliPass' technology platform.
Under the terms of the agreement, BMS will make an up-front payment and provide certain research support payments to continue development of the technology. OliPass will be eligible to receive additional payments upon completion of certain objectives, and also receive development milestones and royalties on the sales of each product licensed to BMS under the Agreement as well as other milestones based on the level of licensed product sales.
Founded in 2006, OliPass Corporation is a privately held biopharmaceutical company in Suwon, Republic of Korea, that provides solutions to key technical hurdles against the development of oligonucleotide drugs. OliPass rationally designed peptide nucleic acids possessing good cell permeability and have demonstrated in vivo antisense therapeutic activity at an unprecedentedly small dose without relying on complex formulation.
This alliance marks OliPass' first collaboration with a major multi-national pharmaceutical company. By partnering with Bristol-Myers Squibb, OliPass will further validate its platform and advance its unique PNA-based compounds into development.
Foley Hoag partner Hemmie Chang and associate Karen Tepichin advised OliPass on the transaction.
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