South San Francisco-based KAI Pharmaceuticals is getting a $25 million boost from Bristol-Myers Squibb---its upfront payment for a collaboration on KAI-9803, an experimental therapy to reduce the severity of a heart attack and improve clinical outcomes. BMS will also buy $10 million in KAI equity and up to $192 million in milestone payments and will pay for all future development efforts, including an upcoming Phase IIb. KAI also retains co-promotion rights in the U.S.
"This is a major milestone for KAI-9803, our most advanced of three clinical programs, and a strategically important collaboration for KAI," says CEO Steven James. "Bristol-Myers Squibb is a great partner for us with its impressive history of developing and commercializing breakthrough medicines in cardiovascular disease. We believe this deal is testimony to the value and potential of KAI-9803 and our broad proprietary technology around protein kinase C modulation." KAI was a 2006 Fierce 15 company.