Bristol Myers Squibb is further tapping into Avidity Biosciences for $100 million upfront to work on up to five cardiovascular targets.
The Big Pharma wants more of the San Diego biotech’s RNA therapeutic work for its cardiovascular pipeline and is willing to dole out $60 million in cash, buy $40 million of Avidity stock at a hefty premium, dish out $1.35 billion for R&D milestones, plus another $825 million in commercial biobucks, the drugmakers said Tuesday morning. Tack on royalties up to low double-digits for good measure.
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