Bristol Myers bets $100M on Avidity’s RNA therapies for cardiovascular diseases

Bris­tol My­ers Squibb is fur­ther tap­ping in­to Avid­i­ty Bio­sciences for $100 mil­lion up­front to work on up to five car­dio­vas­cu­lar tar­gets.

The Big Phar­ma wants more of the San Diego biotech’s RNA ther­a­peu­tic work for its car­dio­vas­cu­lar pipeline and is will­ing to dole out $60 mil­lion in cash, buy $40 mil­lion of Avid­i­ty stock at a hefty pre­mi­um, dish out $1.35 bil­lion for R&D mile­stones, plus an­oth­er $825 mil­lion in com­mer­cial biobucks, the drug­mak­ers said Tues­day morn­ing. Tack on roy­al­ties up to low dou­ble-dig­its for good mea­sure.

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