BMS acquiring Cormorant Pharmaceuticals

Bristol-Myers Squibb Co.(NYSE:BMY) acquired Cormorant Pharmaceuticals AB (Stockholm, Sweden) for $95 million in upfront and near-term milestone payments. Cormorant shareholders are eligible for $425 million in development and regulatory milestones.

Cormorant's lead program is HuMax-IL8, a human IgG1 kappa antibody targeting IL-8 that is in Phase Ib testing to treat metastatic or locally advanced solid tumors. Cormorant gained exclusive, worldwide rights to HuMax-IL8 from Genmab A/S (CSE:GEN) for undisclosed terms in 2012 (see BioCentury Extra, May 30, 2012). ...