Bristol-Myers Squibb Company and Kosan Biosciences Inc. announced that the companies have signed a definitive merger agreement providing for the acquisition of Kosan, a cancer therapeutics company, by Bristol-Myers Squibb, for $5.50 per share in cash. The transaction, with a net aggregate purchase price of approximately $190 million after deducting Kosan's projected net cash balance at June 30, 2008, has been unanimously approved by the boards of directors of both companies.
The acquisition of Kosan will enhance Bristol-Myers Squibb's pipeline with compounds in two important classes of anticancer agents: novel Hsp90 (heat shock protein 90) inhibitors and epothilones.
The details can be read here.
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