Business & Tech
Bristol-Myers Paying $600m for Cambridge Biotech Startup
The transaction would give Bristol-Myers access to everything Padlock has worked on, including research on rheumatoid arthritis.
CAMBRIDGE, MA - Bristol-Myers Squibb Co. has agreed to pay up to $600 million to purchase Cambridge biotech startup Padlock Therapeutics Inc.
Padlock is a compnay 'dedicated to creating new medicines to treat destructive autoimmune diseases', according to a Wednesday release from Bristol-Myers announcing the agreement.
The deal gives Bristol-Myers rights to all of Padlock's research and progress so far, including that on a program "focused on the development of potentially transformational treatment approaches for patients with rheumatoid arthritis."
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The sale has been approved by both companies' boards and by the stockholders of Padlock. The transaction is expected to be official during the second quarter.
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