Bristol-Myers to buy Adnexus for $430 million

Drug maker Bristol-Myers Squibb Co. said it will acquire privately-held Adnexus Therapeutics in a $430 million all-cash deal, the Associated Press reports. Biotechnology company Adnexus Therapeutics will become a subsidiary of Bristol-Myers and remain based in Waltham, Mass. The companies said the acquisition of Adnexus will help advance Bristol-Myers''s role in biologics and includes an early stage trial for cancer treatment candidate Angiocept. Angiocept is designed to be a so-called anti-angiogenic drug, or one that tries to stop cancerous tumors from developing new blood vessels. Under the terms of the deal, New York-based Bristol-Myers will acquire all of Adnexus'' issued and outstanding shares of capital stock and stock equivalents. The net purchase price is $415 million after deducting Adnexus'' net cash balance at closing. The deal does not include any debt, Bristol-Myers said. In addition, Bristol-Myers may pay an additional $75 million in three increments of about $25 million each, in the event certain development and regulatory milestones are achieved. The closing of the transaction is subject to customary regulatory approvals.