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.

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Bristol-Myers Squibb (Princeton, NJ) will acquire privately held Adnexus Therapeutics (Waltham, MA), the developer of a new therapeutic class of biologics called Adnectins.