BMS to acquire biologics developer for $430 million

PRINCETON, N.J. Bristol-Myers Squibb has signed an agreement with Adnexus Therapeutics, under which BMS will acquire Adnexus, a developer of a new therapeutic class of biologics called Adnectins.

Under the agreement, Adnexus will become a subsidiary of BMS and advance BMS’ biologics, with its Phase I oncology biologic, Angiocept.  BMS will acquire all of Adnexus’ issued and outstanding shares of stock for $430 million.  There also is another $75 million that could be paid to Adnexus, in three separate payments, depending on development and regulatory milestones.

"Bringing Adnexus into the Bristol-Myers Squibb family builds upon a successful and productive collaboration between the two companies in oncology and is an important step in accelerating the strategic transformation of our pharmaceutical business to a biopharma business model," said Jim Cornelius, chief executive officer of BMS.