Bristol-Myers Squibb Buys Cancer, Rare Disease Biotech Cormorant
Tuesday, July 5, 2016
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.