Bristol-Myers Squibb Buys Cancer, Rare Disease Biotech Cormorant

Tuesday, July 5, 2016

Source: FierceBiotech

On something of a biotech spree in 2016, Bristol-Myers ($BMY) has inked a buyout deal for Sweden’s Cormorant Pharmaceuticals in an acquisition worth just north of $500 million.

The U.S. Big Pharma announced this morning that it has acquired all of the outstanding capital stock of Cormorant--the private, Stockholm-based biotech working on new candidates for cancer and rare diseases.

The deal, which could be worth as much as $520 million based on the success of its pipeline, gives Bristol full rights to Cormorant’s HuMax-IL8 antibody program, and to its lead candidate HuMax-IL8.

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