BMS makes $430m biotech acquisition
pharmafile | September 27, 2007 | News story | Research and Development |Â Â Â
Bristol-Myers Squibb has significantly advanced its strategy to move into biologics with the acquisition of US biotech Adnexus.
The $430 million deal gives the pharma company access to a new class of biologics called Adnectins, the most advanced of which is anti-angiogenic cancer drug Angiocept, currently in phase I trials.
Sales of anti-angiogenic drugs are growing faster than any other category of oncology treatments, led by Roche's Avastin – the only currently approved biologic in the field.
Adnexus believes Angiocept offers several important advantages over Roche's blockbuster, including the ability to better penetrate tumours because of its smaller size.
Adnectins are a new protein therapeutic class designed using Adnexus' patented protein design engine PROfusion and have potential for a broad range of diseases.
BMS executive VP and chief scientific officer Elliott Sigal said: "Adnectins and the PROfusion technology are among the most exciting next generation biologics platforms currently in development.
"By uniting Adnexus' innovation and discovery expertise with our internal capabilities in oncology and other therapeutic areas, we intend to fuel the company's biologic growth strategy and importantly, deliver innovative new treatment options for patients."
PROfusion enables the screening of trillions of unique Adnectins for each drug discovery programme to redirect naturally occurring human fibronectin to act as a protein therapeutic.
Jim Cornelius, chief executive of Bristol-Myers Squibb, said biologics are a cornerstone of the company's growth strategy.
"Bringing Adnexus into the Bristol-Myers Squibb family builds upon a successful and productive collaboration between the two companies in oncology and is an important step in accelerating the strategic transformation of our pharmaceutical business to a biopharma business model."
Adnexus will become a subsidiary of BMS and remain based in Waltham, Massachusetts, close to where BMS plans to set up a large-scale bulk biologics manufacturing facility.
