Adnexus Therapeutics is abandoning its move to go public, opting for a buyout by Bristol-Myers Squibb that will net $430 million in cash with another $75 million in scheduled milestones. For Bristol-Myers, which has been forging a new pathÂ for itself after a series of snafus, the acquisition marks a strategic investment in the adnectins platform along with a cancer drug, Angiocept, that is intended to prevent the formation of blood vessels that feed tumors. Angiocept is scheduled to go into Phase II at the beginning of next year.
For Adnexus, which will now become a subsidiary of BMS, the deal marks a key validation of its proprietary protein engineering technology. That technology allows researchers to engineer "trillions of Adnectin amino acid sequences at a time and to test and identify those sequences that will offer the most attractive drug properties."
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