BMS takes option to acquire F-star Alpha

Bristol-Myers Squibb Co. (NYSE:BMY) obtained an exclusive option to acquire F-star Alpha Ltd. (Cambridge, U.K.). The Cambridge-based F-star Biotechnology Ltd subsidiary of F-star GmbH (Vienna, Austria) spun out F-star Alpha last year to house FS102, an antibody fragment targeting epidermal growth factor receptor 2 ( EGFR2; HER2; ErbB2; neu).

BMS will pay F-star Alpha and its shareholders $50 million initially, which includes an option fee and a milestone payable when a Phase I trial begins. BMS will fund development of FS102 and will manage clinical trials. ...