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Bristol-Myers Squibb Acquires Swedish Antibody Developer Cormorant.

M2 EQUITYBITES-July 6, 2016-Bristol-Myers Squibb Acquires Swedish Antibody Developer Cormorant

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6 July 2016 - US-based biopharmaceutical firm Bristol-Myers Squibb Company (NYSE: BMY) has acquired all the outstanding capital stock of Stockholm, Sweden-based therapeutics developer Cormorant Pharmaceuticals, the company said.

The transaction includes upfront and near term contingent milestone payments of up to USD 95m and additional contingent consideration of up to USD 425m upon the achievement by Bristol-Myers Squibb of certain development and regulatory milestones.

This transaction has been approved by the boards of directors of both companies and by the stockholders of Cormorant.

The acquisition gives Bristol-Myers Squibb full rights to Cormorant's HuMax-IL8 antibody programme and the lead candidate HuMax-IL8, a Phase 1/2 monoclonal antibody targeted against interleukin-8 that represents a potentially complementary immuno-oncology mechanism of action to T-cell directed antibodies and co-stimulatory molecules.

Cormorant Pharmaceuticals is a privately held, biopharmaceutical company founded by Maarten de Chateau and Urban Paulsson and based at the Karolinska Institute Science Park in Stockholm, Sweden.

Based on mounting research pointing to IL-8 being an important driver of malignant tumors, HuMax-IL8 was acquired from Genmab A/S and taken into development by Cormorant. HuMax-IL8, is a fully human monoclonal antibody.

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

Cormorant engaged Colpman Consulting Ltd as lead business advisor in the sale process. Wiggin and Dana LLP acted as legal advisors to the transaction.

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Publication:M2 EquityBites (EQB)
Geographic Code:4EUSW
Date:Jul 6, 2016
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