Bristol-Myers Buying Adnexus

Bristol-Myers Squibb Co. (NYSE: BMY) has agreed to acquire Adnexus Therapeutics Inc., a Waltham, Mass.-based developer of therapeutic proteins. The deal is valued at $430 million, or $415 million net of Adnexus' cash on hand. The deal also includes up to $75 million in earnouts. Adnexus is currently in registration for an IPO, and has raised $70 million in VC funding from Atlas Venture, Flagship Ventures, HBM BioVentures, Polaris Venture Partners and Venrock.