Bristol-Myers buys into Summit's Seglin tech

Fresh from its $2.5 billion debacle on the hepatitis C front, Bristol-Myers Squibb ($BMY) is putting up a modest $100,000 fee to gain access to Summit Corp.'s Seglin technology, which promises a new approach to diseases like Alzheimer's. But BMS says that if the U.K. biotech's technology works out, it's willing to pay up to $30 million for each successful new program to make its way through the clinic. Summit CEO Glyn Edwards tells Proactive Investors that Bristol will explore up to 10 drug targets. Story