Date: 2016-07-05
Type of information: Company acquisition
Acquired company: Cormorant Pharmaceuticals (Sweden)
Acquiring company: BMS (USA - NY)
Amount: up to $ 520 million
Terms: * On July 5, 2016, BMS and Cormorant Pharmaceuticals announced that BMS has acquired all of the outstanding capital stock of Cormorant, a private, Stockholm, Sweden-based pharmaceutical company focused on the development of therapies for cancer and rare diseases. The acquisition gives BMS full rights to HuMax-IL8 antibody program and the lead candidate HuMax-IL8, a Phase 1/2 monoclonal antibody targeted against interleukin-8 (IL-8) that represents a potentially complementary immuno-oncology mechanism of action to T-cell directed antibodies and co-stimulatory molecules. The transaction includes upfront and near term contingent milestone payments of up to US $95 million and additional contingent consideration of up to US $425 million upon the achievement by BMS of certain development and regulatory milestones.The transaction has been approved by the boards of directors of both companies and by the stockholders of Cormorant. Cormorant engaged Colpman Consulting Ltd as lead business advisor in the sale process. Wiggin and Dana LLP acted as legal advisors to the transaction.
Details: Cormorant Pharmaceuticals is a privately held, biopharmaceutical company founded by Maarten de Château and Urban Paulsson. The company is based at the Karolinska Institute Science Park in Stockholm. Its lead product, HuMax-IL8, was acquired from Genmab and is targeted against interleukin-8. IL-8 is expressed by many solid tumors within the tumor microenvironment that suppresses the immune system and increases the ability of tumors to metastasize. By targeting IL-8, HuMax-IL8 offers the potential to enhance immune response and increase the efficacy of existing cancer medicines through combination therapy.
Related: Cancer - Oncology Rare diseases
