Bristol-Meyers to invest about $100mn in UniQure

April 6, 2015 7:06 PM

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Bristol-Meyers to invest about $100mn in UniQure

Bristol-Myers will invest about $100 million in uniQure, the two companies announced on Monday. Bristol-Myers will have exclusive access to the Dutch company’s proprietary gene therapy program for congestive heart failure, reports the Wall Street Journal. The two companies will collaborate on 10 targets in total and may work on future projects in other disease areas. Bristol-Myers will pay about $100 million. This includes an upfront payment of $50 million, a $15 million payment for selecting two collaboration targets, and a $32 investment in UniQure that represents a 4.9% stake in the company. Bristol-Myers will acquire an additional 5% ownership before the end of the year at a 10% premium. UniQure can receive at least an additional $254 million if certain milestones are reached. It is also eligible for $217 million for other gene therapy products.

Amsterdam-based UniQure will make supplies using its insect-cell based manufacturing platform. Bristol-Myers will pay for research and development costs as well as lead development and commercialization. “This collaboration will accelerate the application of gene therapy for large patient population...

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