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.

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