UPDATE 1-Bristol-Myers to pay $1.85 bln in cancer deal with Nektar


Bristol-Myers Squibb Co will pay Nektar Therapeutics $1.85 billion for a global development and profit-sharing deal on a promising Nektar cancer drug, the companies announced on Wednesday. In one of the largest single-drug collaboration deals ever, Nektar will receive $1 billion in cash upfront and Bristol-Myers will purchase about 8.28 million Nektar shares at $102.60 per share, or an equity stake of just under 5 percent of the company.



from Biotech News