Bristol-Myers acquiring Adnexus

BMY will acquire Adnexus (Waltham, Mass.) for $430 million in cash. Adnexus is also eligible for $75 million in milestones. Adnexus' lead compound is Angiocept ( CT-322), a VEGF receptor 2 antagonist in Phase I testing for cancer, with Phase II studies expected to begin in 1Q08. Lehman advised Adnexus, and Morgan Stanley advised BMY.

Under a February deal between the companies, Adnexus was using its Profusion in vitro display technology to select and optimize up to six Adnectin compounds to treat cancer for which BMY would have exclusive rights. Adnectins are proteins based on fibronectin, an extracellular protein in human serum (See BioCentury Extra, Monday, Feb. 26, 2007) . ...