Bristol-Myers Squibb has signed an agreement with
Avista Capital Partners, a private equity firm, to sell BMS Medical Imaging for $525 million. BMS MI is a leading supplier of medical imaging products for nuclear and ultrasound cardiovascular diagnostic imaging procedures.
"As Bristol-Myers Squibb continues to focus on evolving into a next- generation BioPharma company, we determined the best way to maximize the value of Medical Imaging for shareholders was to sell this business and reinvest the proceeds into our pharmaceutical research, development and commercialization efforts," said James M. Cornelius, chief executive officer, BMS. "At the same time, we believe that Medical Imaging can maximize its potential under new ownership, and Avista has a proven track record of success in the healthcare field."
David Burgstahler, a partner at Avista Capital Partners, said, "BMS MI is widely recognized as a pioneer in cardiovascular imaging agents, and for its strong technical manufacturing expertise. BMS MI is a great fit for our healthcare portfolio, as it addresses the healthcare industry's increasing need for improved diagnostic tools. We believe it is well-positioned for continued success."
The transaction is expected to be completed by the end of January 2008, subject to customary regulatory approvals, at which time BMS MI will operate as an independent company under a new name. Don Kiepert, the founder and former chairman, chief executive officer, and president of Point Therapeutics, will become the chief executive officer of the company upon completion of the transaction. "I am thrilled to be partnering with the existing management team of BMS MI and Avista Capital as we transition BMS MI to an independent company," said Kiepert.
BMS MI will be Avista's sixth investment in the healthcare industry. On December 13, 2007, Avista agreed to acquire from Boston Scientific its Fluid Management and Venous Access businesses. Also in 2007, Avista made healthcare investments in
BioReliance and
VWR International, and in 2006 Avista announced investments in
Nycomed and
MedServe.
Lilly and
Ambrx Inc. have entered into a collaboration to discover and develop novel treatments in several therapeutic areas, including metabolic diseases, central nervous system disorders and other diseases. The collaboration will apply Ambrx's unique protein optimization technology, ReCODE, with Lilly's expertise in biologics discovery, development and commercialization to pursue drug candidates, including therapeutic antibodies and improved variants of native proteins.
Under the terms of the agreement, Ambrx will receive an initial upfront payment and ongoing research support payments. Ambrx may also receive potential R&D milestones and, if assets resulting from the collaboration are successfully commercialized, Ambrx would receive additional milestones and royalties. Other terms of the deal were not disclosed. This collaboration builds on an earlier agreement signed between the two companies in January 2007.
Stephen W. Kaldor, Ph.D., Ambrx's president and chief executive officer, remarked, "This new collaboration allows us to use our existing ReCODE technology to produce high quality protein clinical candidates while simultaneously affording us the ability to expand our reach into new areas such as therapeutic antibodies. In addition, this agreement will further solidify Ambrx's financial condition for the next several years."
Amgen and
Oxford Genome Sciences (UK) have entered into a strategic collaboration to discover, develop and commercialize novel therapeutic antibodies for the treatment of cancer. This collaboration will enable OGS to strengthen its pipeline of fully human therapeutic antibodies (mAbs) in cancer based on the target discovery capabilities of its unique OGAP database.
OGS and Amgen will jointly discover novel antibodies for the treatment of cancer. The companies will generate fully human antibodies using Amgen's XenoMouse technology, which was acquired through its acquisition of Abgenix. These antibodies will be raised against the novel druggable targets that OGeS has identified through its unique Oxford Genome Anatomy Project (OGAP) database.
The agreement covers as many as six oncology programs. Amgen will have the right to select as many as three programs, while OGS will retain rights to the remainder. Once Amgen has produced the initial antibody leads, OGeS will carry out the initial preclinical assessment of each antibody program.
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