Bristol-Myers Squibb to acquire Flexus; inks deal with Rigel

US pharma major Bristol-Myers Squibb (NYSE: BMY) has signed a definitive agreement to acquire all of the outstanding capital stock of Flexus, a privately held US biotechnology company focused on the discovery and development of novel anti-cancer therapeutics, established in 2013.

The transaction has a potential total consideration of $1.25 billion, including $800 million upfront and development milestones that, on achievement, could total up to $450 million. The transaction has been approved by the boards of directors of both companies and by the stockholders of Flexus. The deal is expected to close during the first-quarter of 2015.

The acquisition will give B-MS full rights to F001287, Flexus’ lead preclinical small molecule IDO1-inhibitor targeted for Investigational New Drug (IND) filing in the second half of 2015. In addition, Bristol-Myers Squibb will acquire Flexus’ IDO/TDO discovery program which includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries.