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September 24, 2007

Bristol-Myers Squibb Shells Out $430M for Adnexus

  • Bristol-Myers Squibb is willing to pay $430 million for early-stage company Adnexus Therapeutics. Bristol-Myers Squibb states that the transaction is in line with its expanding focus on biologics. Adnexus shareholders could receive an additional $75 million depending on achieving certain milestones.

    “Bringing Adnexus into the Bristol-Myers Squibb family builds upon a successful and productive collaboration between the two companies in oncology and is an important step in accelerating the strategic transformation of our pharmaceutical business to a biopharma business model,” remarks Jim Cornelius, CEO, Bristol-Myers Squibb.

    Adnexus develops a new class of biologics called Adnectins™. They are based on human fibronectin, an extracellular protein that is naturally abundant in human serum. The company states that PROfusion™, its protein design engine, can engineer trillions of Adnectins for each discovery program to redirect naturally occurring human fibronectin to act as a protein therapeutic. A phase I candidate, Angiocept, was developed on this platform and is designed to be an antiangiogenic drug.