Bristol-Myers Squibb Co. announced two deals valued at a total of about $1.6 billion that will further strengthen the drugmaker’s oncology pipeline.

The deals with Flexus Biosciences Inc. and Rigel Pharmaceuticals Inc. will add to Bristol’s portfolio of treatments that use the body’s own immune system to fight cancer. New York-based Bristol has shed units in other areas to focus heavily on a new generation of oncology treatments.

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