Bristol-Myers buys Rights to Fibrosis Drug

Date Published: September-2015

Drugmaker Bristol-Myers Squibb said it bought rights to a mid-stage fibrosis drug and its privately held developer for up to $1.25 billion, boosting its pipeline for drugs that treat tissue scarring. For Bristol-Myers, success with elotuzumab would follow its headline-grabbing work with Opdivo, an antibody that marshals an immune system attack on cancer by blocking the protein PD-1 and leads a new pack of oncology treatments poised to bring in more than $30 billion at its peak.