BMS deal weighs on Celgene partners
The proposed acquisition of Celgene Corp. (NASDAQ:CELG) by Bristol-Myers Squibb Co. (NYSE:BMY) on Jan. 3 put pressure on shares of Celgene partners Acceleron Pharma Inc. (NASDAQ:XLRN) and BeiGene Ltd. (NASDAQ:BGNE; HKSE:6160) on a day when U.S. stocks across the board tumbled.
Acceleron lost nearly 10% on the day, falling $3.92 to $40.17 after the takeout was announced. Celgene reached deals with Acceleron in 2008 to develop activin receptor type 2A (ACVR2A) antagonist sotatercept (ACE-011) and in 2011 to develop luspatercept (ACE-536), a modified Activin receptor type 2B (ACVR2B) fusion protein that inhibits several ligands in the transforming growth factor β (TGFβ) superfamily (see "Celgene, Acceleron Planning Submissions for Luspatercept")...