#ESMO22: Here are the disastrous data that crushed hopes for a $3.6B Bristol Myers combo deal

2022-09-09

PARIS — A little more than four years after Bristol Myers Squibb proudly unveiled a $3.6 billion, next-gen I/O alliance with Nektar, including about half of that in cold, hard cash, investigators have turned up at ESMO with the full set of disastrous Phase III data that helped ice the whole deal.

We learned back in March that Opdivo plus Nektar Nektar’s IL-2 therapy bempeg flunked a Phase III melanoma study. Now we’re learning that the combo actually performed significantly worse than Opdivo alone, while raising added safety threats for the patients in the combo arm.

The combo vs. solo Opdivo highlights:

ORR: 27.7% for the combo; 36% for Opdivo

Median PFS: 4.17 months for the combo; 4.99 months for Opdivo — p value 0.3988

Median OS: 29.67 months for combo; 28.88 months for Opdivo — p value 0.6361

Grade 3/4 AEs: 21.7% for the combo; 10.1% for Opdivo

HR: 1.09

Bristol-Myers lassos the next big thing in I/O, grabs '214 rights in a record $3.6B deal with Nektar

The one-time partners would go on to report additional setbacks weeks later, but the writing was on the wall with the PIVOT IO 001 trial outcomes.

Nektar would go on to execute a major restructuring, laying off hundreds of staffers. Bristol Myers would continue to push ahead on Opdivo, forced to watch Merck surge far, far ahead with its more effective development strategy.

In that sense, the damage was far greater than a setback for a single trial.

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