Bristol-Myers Squibb to Acquire Adnexus Therapeutics

Bristol-Myers Squibb (Princeton, NJ) will acquire privately held Adnexus Therapeutics (Waltham, MA), the developer of a new therapeutic class of biologics called Adnectins. The acquisition of Adnexus will help advance Bristol-Myers Squibb’s biologics strategy across multiple therapeutic areas and includes a Phase 1 oncology biologic, Angiocept. Adnexus Therapeutics will become a subsidiary of Bristol-Myers Squibb and remain based in Waltham, MA.

Under the terms of the agreement, Bristol-Myers Squibb will acquire all of Adnexus’ issued and outstanding shares of capital stock and stock equivalents in an all-cash transaction for a gross purchase price of $430 million. The closing of the transaction is subject to customary regulatory approvals.

Adnectins are a proprietary class of targeted biologics developed by Adnexus. Angiocept is an Adnectin designed to be an anti-angiogenic drug and is currently in Phase 1 development.