Bristol-Myers Squibb completes Flexus Biosciences takeover

Bristol-Myers Squibb has announced the completion of its acquisition of Flexus Biosciences, a California-based biotechnology company founded in 2013.

The deal, which is valued at up to $1.25 billion (845.18 million pounds), was agreed in February 2015 and will help Bristol-Myers Squibb to expand its capabilities in the field of immuno-oncology.

As part of the deal, the company will acquire full rights to F001287, Flexus' lead preclinical small-molecule IDO1 inhibitor therapy, as well as an IDO/TDO discovery programme that includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries.

A newly-formed entity established by the current shareholders of Flexus will retain all non-IDO/TDO assets of Flexus, including those related to the firm's phase I FLT3 and CDK4/6 inhibitor, its earlier stage small-molecule Treg cancer immunotherapy programmes, and its current personnel and facilities.

Francis Cuss, executive vice-president and chief scientific officer at Bristol-Myers Squibb, said: "Our acquisition of Flexus will expand our innovative pipeline with an important approach to enhancing immune responses in cancer."