Issue Date: July 11, 2016
BMS acquires biotech Cormorant
Further expanding its immuno-oncology portfolio, Bristol-Myers Squibb has acquired Cormorant Pharmaceuticals for up-front and near-term milestone fees of up to $95 million. The deal gives BMS HuMax-IL8, an anti-IL8 antibody that the firm believes can be combined with other immunotherapies to improve responses in cancer patients. The deal brings home an asset that once was controlled by antibody developer Medarex, which BMS acquired in 2009. In 2007, Medarex handed over the rights to HuMax-IL8 to Genmab, which sold the drug candidate to Cormorant in 2012.
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