Bristol-Myers Squibb Co. (NYSE: BMY) acquired Cormorant Pharmaceuticals for up to $520 million. With the acquisition, Bristol-Myers gains the target’s HuMax-IL8 program that focuses on cancer therapy research. Financial terms of the deal call for Bristol-Myers to pay $95 million upfront and up to an additional $425 million that is based on future milestones.

HuMax IL-8 is designed to potentially increase immune responses to cancer tumors. Stockholm, Sweden-based Cormorant acquired HuMax–IL8 in 2012 from Genmab A/S.

Cormorant CEO Maarten de Chateau calls Bristol-Myers a company “with deep clinical development and regulatory expertise, and an established commercial infrastructure to deliver important new therapies to patients quickly.” In 2015, New York-based Bristol-Myers, bought cancer treatment companies Flexus Biosciences Inc. and Rigel Pharmaceuticals Inc.

Cancer researchers have been receiving buyer interest in the mid-market.  Gilead Sciences Inc. (Nasdaq: GILD) bought Nimbus Apollo Inc. and Roche Holding AG (VTX: ROG) plans to purchase Tensha Therapeutics.

Colpman Consulting Ltd. and Wiggin and Dana LLP advised Cormortant.

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