BMS Terminates Cardiomyopathy Partnership with Fulcrum Therapeutics

Bristol Myers Squibb (BMS) has announced the termination of its collaboration with Fulcrum Therapeutics, marking another significant shift in the pharmaceutical giant's partnership strategy. The alliance, which focused on identifying and validating potential cardiomyopathy gene targets, was originally established between Fulcrum and MyoKardia in July 2020, before BMS acquired MyoKardia later that year.

Deal Termination Details

The collaboration's end comes as part of a broader trend of alliance dissolutions under BMS CEO Chris Boerner's leadership. Initially, MyoKardia had committed $10 million upfront and $2.5 million in prepaid research funding to Fulcrum. The partnership held the potential for Fulcrum to earn up to $150 million in milestones for some targets and up to $298.5 million for others. However, the biotech ultimately received only $2.5 million tied to a preclinical milestone.

Impact on Fulcrum Therapeutics

This termination represents a significant setback for Fulcrum, following closely on the heels of another major disappointment. Just six months ago, the company's dystrophy candidate failed in a phase 3 trial, leading Sanofi to end an $80 million collaboration. Despite these setbacks, Fulcrum maintains a focus on its sickle cell disease treatment, pociredir, with phase 1b data expected in mid-2025 and late 2025 for different dosages.

Financial Outlook

Fulcrum reported $241 million in cash reserves at the end of last year, projecting a financial runway extending into at least 2027. This buffer provides the company with some stability as it navigates the loss of two major pharmaceutical partnerships within a short timeframe.