Bristol-Myers Squibb Company (NYSE:BMY) is to snap up Padlock Therapeutics, it was announced on Wednesday.
The companies have signed a definitive agreement under which Bristol-Myers Squibb will acquire all of the outstanding capital stock of Padlock, a private, Cambridge, Massachusetts-based biotechnology company dedicated to creating new medicines to treat destructive autoimmune diseases.
The acquisition will give Bristol-Myers Squibb full rights to Padlock’s Protein/Peptidyl Arginine Deiminase (PAD) inhibitor discovery program focused on the development of potentially transformational treatment approaches for patients with rheumatoid arthritis (RA).
Padlock’s PAD discovery programme may have additional utility in treating systemic lupus erythematosus (SLE) and other autoimmune diseases.
Bristol-Myers shares closed down 0.73% at $62.34.