Under the deal, BMS will pay $430 million in cash for Adnexus,with the net purchase price of $415 million after deducting Adnexus' net-cash balance at closing. In addition, there is an earn-out structure that could result in BMS paying an additional amount of approximately $75 million, in three increments of approximately $25 million each, in the event certain development and regulatory milestones are achieved. The closing of the transaction is subject to customary regulatory approvals. Upon closing of the deal, Adnexus Therapeutics will become a BMS subsidiary and will remain located in Waltham, Massachusetts.
-Patricia Van Arnum