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BMS and Kosan merge

30th May 2008

Bristol-Myers Squibb (BMS) and Kosan Biosciences are set to merge in a $190 million (95 million pound) agreement, BMS has announced.

Kosan is a cancer therapeutics company that produces compounds in two important classes of anticancer agents – novel Hsp90 (heat shock protein 90) inhibitors and epothilones.

BMS is a global company and has a UK base in Middlesex; it says all its current patents are safe until 2011.

Chairperson and chief executive Jim Cornelius said BMS was involved with “innovative science, both internally and externally, that can accelerate the discovery and development of new medicines”.

He added: “Kosan’s technology, coupled with our development and commercialisation capabilities, will result in new treatment options for patients.”

Under the terms of the definitive merger agreement, BMS begin to purchase all of the outstanding shares of Kosan common stock for $5.50 a share in cash, subject to the usual conditions.

Both companies expect the tender offer to close in about a month.

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