12:00 AM
Mar 02, 2015
 |  BioCentury  |  Finance

Flexus nexus

Investors see quick multiple on BMS takeout of cancer play Flexus

Investors in Flexus Biosciences Inc. will see at least a 21x return on the cancer immunotherapy play, which Bristol-Myers Squibb Co. (NYSE:BMY) is acquiring for $800 million up front and up to $450 million in milestones. For at least one investor, the return on the total deal value is enough to cover the capital of its entire second fund, with the opportunity for more upside from assets that BMS isn't taking in the deal.

Flexus is less than two years old and had been flying under the radar until late last year, when the company disclosed it had raised $38 million in two rounds from Kleiner Perkins Caufield & Byers, The Column Group, Amgen Inc. (NASDAQ:AMGN) and Celgene...

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