Biotech Values

[DewDiligence]

BMY divests two drugs for $470M cash + contingent payouts:

http://finance.yahoo.com/news/bristol-myers-squibb-enters-separate-105900455.html

Bristol-Myers Squibb Company today announced that it has entered into two separate agreements to license BMS-986168, an anti-eTau compound in development for Progressive Supranuclear Palsy (PSP), to Biogen, and BMS-986089, an anti-myostatin adnectin in development for Duchenne Muscular Dystrophy (DMD), to Roche.

…Biogen will pay to Bristol-Myers Squibb an upfront payment of $300 million with potential milestone payments of up to $410 million. Biogen also will assume all remaining obligations to the former stockholders of iPierian, Inc. related to Bristol-Myers Squibb’s acquisition of the company in 2014.

…Roche will pay to Bristol-Myers Squibb an upfront payment of $170 million with potential milestone payments of up to $205 million.

Bristol-Myers Squibb will receive tiered double-digit royalties if either asset is approved and commercialized.