By Sherri Oslick —

Last week, Bristol-Myers Squibb Co. of Princeton, NJ announced that it would acquire biotechnology company Adnexus Therapeutics Inc. of Waltham, MA for $430 million in cash (with an additional $75 million to be paid provided Adnexus meets certain regulatory milestones).  Adnexus is a privately held company developing a proprietary class of protein-based targeted biologics called Adnectins.

Following acquisition, Adnexus will be a subsidiary of BMS.  Adnexus’ portfolio includes oncology biologic Angiocept, an antagonist of the VEGFR-2 pathway currently in Phase I trials.  Adnexus’ patent portfolio includes over 100 issued and pending patent properties relating to Adnectins and PROfusion, Adnexus’ proprietary protein engineering system.

For more information, please see:

• Adnexus press release
• BMS press release