By Angela Chen
Bristol-Myers Squibb Co. agreed to invest in the Dutch company
UniQure NV and work together on gene therapies for cardiovascular
disease.
Bristol-Myers will have exclusive access to the Dutch company's
proprietary gene therapy program for congestive heart failure. 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.
Shares of UniQure surged 42% in premarket trading to $32.45.
Bristol-Myers shares, up 27% over the past year, slipped 0.4% to
$63.
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 populations suffering from heart diseases
and will complement the further development of UniQure's internal
pipeline," UniQure Chief Executive Joern Aldag said.
New York-based Bristol-Myers is poised for a management shift,
with Chief Operating Officer Giovanni Caforio set to become chief
executive in May. Dr. Caforio, a trained physician, will succeed
CEO Lamberto Andreotti, who will become chairman of the board.
Dr. Caforio will face the task of maintaining Bristol's early
lead in immunotherapy drugs, while coping with the loss of aging
products.
Write to Angela Chen at angela.chen@dowjones.com
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