Bristol-Myers Buys Flexus Biosciences In a Deal Worth Up To $1.25 Billion

Bristol-Myers Squibb announced on Monday and agreement to buy privately-held biotechnology company Flexus Biosciences in a deal that could be valued at up to $1.25 billion. The deal includes an upfront payment of $800 million development milestone payments that could total up to $450 million. The deal gives Bristol-Myers rights to Flexus's lead cancer treatment, F001287, which is targeted for an investigational new drug filing in the second half of 2015. Bristol-Myers's stock, which is still inactive in premarket trade, has gained 2.9% over the past three months, just ahead of the S&P 500's 2.3% advance.