BPs are under pressure to expand their pipeline. B
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Posted On: 08/07/2017 4:47:55 PM
BPs are under pressure to expand their pipeline. BMS paid $300M upfront and $1.01B in milestone payments to acquire IFM Therapeutics' preclinical cancer programs.
Bristol-Myers to buy IFM Therapeutics to strengthen cancer pipeline
(Reuters) - Bristol-Myers Squibb Co said it would buy privately held IFM Therapeutics for an upfront payment of $300 million, as the drugmaker looks to bolster its cancer portfolio after losing ground to Merck & Co's rival treatment Keytruda.
The acquisition of IFM, whose backers include Novartis, will give Bristol-Myers access to the company's preclinical cancer programs.
IFM investors are also eligible to additional contingent payments of up to $1.01 billion upon the achievement of certain milestones, the companies said on Thursday.
Bristol-Myers, which is also under pressure from activist investors, expects the deal to close during the third quarter.
The drugmaker has fallen behind Merck in the key field of immuno-oncology after its Opdivo drug failed to prolong survival in previously untreated patients with non-small cell lung cancer, the largest cancer market.
https://www.reuters.com/article/us-ifm-therap...SKBN1AJ2Z1
Bristol-Myers to buy IFM Therapeutics to strengthen cancer pipeline
(Reuters) - Bristol-Myers Squibb Co said it would buy privately held IFM Therapeutics for an upfront payment of $300 million, as the drugmaker looks to bolster its cancer portfolio after losing ground to Merck & Co's rival treatment Keytruda.
The acquisition of IFM, whose backers include Novartis, will give Bristol-Myers access to the company's preclinical cancer programs.
IFM investors are also eligible to additional contingent payments of up to $1.01 billion upon the achievement of certain milestones, the companies said on Thursday.
Bristol-Myers, which is also under pressure from activist investors, expects the deal to close during the third quarter.
The drugmaker has fallen behind Merck in the key field of immuno-oncology after its Opdivo drug failed to prolong survival in previously untreated patients with non-small cell lung cancer, the largest cancer market.
https://www.reuters.com/article/us-ifm-therap...SKBN1AJ2Z1
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