Somatix, Bristol-Myers deal

Bristol-Myers will make a $20 million equity investment in the Alameda, Calif., company in return for certain rights to SOMA's cancer gene therapy technology.

Bristol-Myers has completed the first of two equity purchases, buying 1.2 million shares at $8.36 a share. The second $10 million purchase will be made when SOMA begins a Phase II trial for its GVAX cancer vaccine. Bristol-Myers will pay a 12.5 percent premium to the then-current market price of SOMA common. SOMA hopes to start the trial within the next 12 months. ...