Adnexus sold to Bristol-Meyers
Drug maker Bristol-Myers Squibb Co. said today it will acquire privately held Adnexus Therapeutics in a $430 million all-cash deal.
Biotechnology company Adnexus Therapeutics will become a subsidiary of Bristol-Myers and remain based in Waltham, Mass.
The companies said the acquisition of Adnexus will help advance Bristol-Myers's role in biologics and includes an early stage trial for cancer treatment candidate Angiocept. Angiocept is designed to be a so-called anti-angiogenic drug, or one that tries to stop cancerous tumors from developing new blood vessels.
The deal "is an important step in accelerating the strategic transformation of our pharmaceutical business to a biopharma business model," said Bristol-Myers Squibb Chief Executive Jim Cornelius, in a statement.
In its pursuit to develop biotech drugs, Cornelius noted that Bristol-Myers already has taken steps to expand its biologics manufacturing capabilities with a site in Syracuse, N.Y., and a future biologics facility planned in Devens, Mass.
Under the terms of the deal, New York-based Bristol-Myers will acquire all of Adnexus' issued and outstanding shares of capital stock and stock equivalents. The net purchase price is $415 million after deducting Adnexus' net cash balance at closing.
The deal does not include any debt, Bristol-Myers said.
In addition, Bristol-Myers may pay an additional $75 million in three increments of about $25 million each, in the event certain development and regulatory milestones are achieved.
The closing of the transaction is subject to customary regulatory approvals.
The two companies previously had an alliance to develop drugs in various therapeutic areas, including cancer. (AP)
