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Sep 24, 2007

Bristol-Myers Squibb Shells Out $430M for Adnexus

  • Bristol-Myers Squibb is willing to pay $430 million for early-stage company Adnexus Therapeutics. Bristol-Myers Squibb states that the transaction is in line with its expanding focus on biologics. Adnexus shareholders could receive an additional $75 million depending on achieving certain milestones.

    “Bringing Adnexus into the Bristol-Myers Squibb family builds upon a successful and productive collaboration between the two companies in oncology and is an important step in accelerating the strategic transformation of our pharmaceutical business to a biopharma business model,” remarks Jim Cornelius, CEO, Bristol-Myers Squibb.

    Adnexus develops a new class of biologics called Adnectins™. They are based on human fibronectin, an extracellular protein that is naturally abundant in human serum. The company states that PROfusion™, its protein design engine, can engineer trillions of Adnectins for each discovery program to redirect naturally occurring human fibronectin to act as a protein therapeutic. A phase I candidate, Angiocept, was developed on this platform and is designed to be an antiangiogenic drug.



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Scientifically Studying Ecstasy

MDMA (commonly known as the empathogen “ecstasy”) is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.

Do you agree that ecstasy should be studied for its potential therapeutic benefits?

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