Bristol-Myers Squibb has signed a definitive agreement to acquire Adnexus Therapeutics for $430 million in cash. Adnexus has developed a new therapeutic class of biologics called Adnectins, which BMS plans to use to advance its biologics strategy in several therapeutic areas. The program includes a Phase I oncology biologic, Angiocept. Adnexus Therapeutics will become a subsidiary of BMS and remain based in Waltham, MA.
   
Under the terms of the agreement BMS will acquire all of Adnexus’ issued and outstanding shares. Based on an earn-out structure, BMS may pay an additional $75 million in the event certain development and regulatory milestones are achieved. The closing of the transaction is subject to customary regulatory approvals.
   
Adnectins are a class of targeted biologics developed by Adnexus and PROfusion, its proprietary protein design engine, allows trillions of protein variations to be engineered at one time. Angiocept, currently in Phase I development, is an Adnectin designed to be an anti-angiogenic drug.
   
“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,” said Jim Cornelius, chief executive officer, Bristol-Myers Squibb. “Biologics are one cornerstone of our growth strategy. This investment in biologics discovery complements our continued investment in a growing biologics pipeline and portfolio, and will benefit from our expanding biologics manufacturing capabilities, both at our existing site in Syracuse, NY, and our future large-scale bulk biologics facility in Devens, MA.”
   
“This is an exciting milestone for our scientists, investors, and company and is a unique opportunity to further accelerate advancement of Adnectin-based medicines and our lead product, Angiocept,” said John Mendlein, Ph.D., J.D., chief executive officer of Adnexus. “We are proud to bring the strength of our science, team, and intellectual property to Bristol-Myers Squibb. We have enjoyed a highly productive and collaborative relationship to date, and look forward to helping Bristol-Myers Squibb advance its innovative pipeline.”