Bristol-Myers to buy partner Adnexus for $430 mln

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)