In keeping with its "string of pearls" acquisition model, BMS added Innate Pharma to its stable with a deal valued at $465 million. As is usual these days, there was a $35 M upfront payment with milestones that could land the remaining $430 million plus a potential double-digit royalty. The deal was the largest ever for a French biotech company.
BMS acquires rights to Innate's phase I anti-cancer mAb called IPH2102. Innate will continue to develop the drug against myeloid leukemia up through phase II with BMS doing the funding. See Fierce Biotech.
Posted by Bruce Lehr July 7th 2011.