Bristol-Myers Squibb has signed an exclusive option to buy Copenhagen-based Galecto Biotech in a deal worth up to $444 million including an option fee, option exercise payment and potential milestone fees. The acquisition depends on the early-stage trial results of Galecto's lead candidate TD139, a potent, specific inhibitor of the galactoside-binding pocket of galectin-3, enabling direct targeting of the fibrotic tissue in the lungs through inhalation, while minimizing systemic exposure. The compound would complement BMS' fibrosis portfolio, which includes a lysophosphatidic acid 1 receptor antagonist being developed to treat idiopathic pulmonary fibrosis.