Monday, September 24, 2007

Instead of Going Public, Adnexus Shacks Up with Bristol-Myers Squibb

Bristol-Meyers Squibb is paying $430 million in cash for Waltham-based Adnexus Therapeutics, which filed an S-1 statement just last month. The company planned to raise $86 million in an IPO, on top of $76 million it had already raised in VC money.

We included them earlier this year on our list of the ten most-promising New England life sciences start-ups, in the second edition of The Convergence Guide. (The list was compiled by Steven Dickman of CBT Advisors.)

From the AP report:

    The companies said the acquisition of Adnexus will help advance Bristol-Myers's role in biologics and includes an early stage trial for cancer treatment candidate Angiocept. Angiocept is designed to be a so-called anti-angiogenic drug, or one that tries to stop cancerous tumors from developing new blood vessels.

    The deal "is an important step in accelerating the strategic transformation of our pharmaceutical business to a biopharma business model," said Bristol-Myers Squibb Chief Executive Jim Cornelius, in a statement.

Among the local VC firms that backed Adnexus are Polaris Venture Partners, Atlas Venture, and Flagship Ventures. The company did a Series C round of $15.5 million just before filing for its IPO.

Update: Tuesday's Globe has the full story.

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