Bristol-Myers Squibb sign $885m deal to buy ZymoGenetics

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Global biopharmaceutical company, Bristol-Myers Squibb will buy ZymoGenetics for $885m to become owner of a hepatitis C drug the companies are jointly developing.

Bristol-Myers Squibb will acquire full ownership of pegylated-interferon lambda, which is currently in Phase II development for the treatment of Heptitis C infection. The two companies co-developed and shared profits for the drug in a $1.1bn agreement in January 2009.

In addition, the company will become proprietors of Recothrom, the topical hemostat used to control non-arterial bleeding, as well as IL-21 protein, a potential immunotherapy treatment for metastatic melanoma.

A further six biologic drug candidates in pre-clinical development trials are set to be involved in the deal, along with the potential royalty payments by EMD Serono from six partnered programs in varying stages of clinical development.

Lamberto Andreotti, CEO of Bristol-Myers Squibb said: “The acquisition of ZymoGenetics brings us full ownership of a promising investigational biologic that strengthens our diversified Hepatitis C portfolio. Building on our leadership in virology, we are developing a strong portfolio to help patients with Hepatitis C.”

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