Bristol-Myers to buy partner Adnexus for $430 mln
NEW YORK, Sept 24 |
NEW YORK, Sept 24 (Reuters) - Bristol-Myers Squibb Co. (BMY.N) said on Monday said it would pay $430 million for Adnexus Therapeutics, a privately held biotechnology company whose lead product is a cancer drug in the earliest stages of human trials.
Bristol-Myers in February forged a deal with tiny Adnexus under which it agreed to pay about $30 million over a three-year period to help develop its class of drugs, called Adnectins. The class includes an experimental cancer drug called Angiocept (CT-322) in Phase 1 trials.
Although Waltham, Massachusetts-based Adnexus last month said it had filed an application with U.S. regulators for a proposed public offering, it and Bristol-Myers jointly announced their merger deal on Monday.
Under the transaction, Bristol said it would buy Adnexus for $430 million, with the net price being $415 million after deducting Adnexus' cash holdings. (Reporting by Ransdell Pierson)
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