September 24, 2007
Bristol-Myers Squibb buys Adnexus for $430 million
By Cory Hopkins
New Jersey-based pharmaceutical giant Bristol-Myers Squibb Co. announced it has acquired drug-maker Adnexus Therapeutics of Waltham for a total of $430 million.
BMS is in the process of constructing a large biologics manufacturing facility at Fort Devens. Adnexus recently developed a new therapeutic class of biologics, called Adnectins, according to BMS.
The deal includes stipulations that could result in an additional $75 million in payments, payable in $25 million increments, by BMS in the event certain development and regulatory milestones are achieved by Adnexus, the company said.
Adnexus Therapeutics will become a subsidiary of Bristol-Myers Squibb and remain based in Waltham.
BMS is in the process of constructing a large biologics manufacturing facility at Fort Devens. Adnexus recently developed a new therapeutic class of biologics, called Adnectins, according to BMS.
The deal includes stipulations that could result in an additional $75 million in payments, payable in $25 million increments, by BMS in the event certain development and regulatory milestones are achieved by Adnexus, the company said.
Adnexus Therapeutics will become a subsidiary of Bristol-Myers Squibb and remain based in Waltham.
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