Bristol-Myers Squibb (BMY) Invests in uniQure (QURE) to Develop Gene Therapies for Heart Diseases – Stocks in the News
Posted: April 7, 2015 at 2:42 am
On Monday, Bristol-Myers Squibb Co ( BMY ) announced plans to invest in Dutch biotech company uniQure N.V. ( QURE ) in order to get access to their coveted gene therapy technology platform for cardiovascular diseases. The two companies agreed to work together to battle this specific disease with gene therapy.
New York-based Bristol-Myers will pay roughly $100 million for a 4.9% stake in uniQure. This includes an upfront payment of $50 million, $15 million for selecting two partnership targets, and a $32 million investment in uniQure.
"This collaboration will accelerate the application of gene therapy for large patient populations suffering from heart diseases and will complement the further development of uniQure's internal pipeline," said uniQure Chief Executive Joern Aldag.
Since market opening Monday, shares of uniQure soared, rising an astounding 46%. Shares of the biotech company currently sit at $33.41 per share. On the Zacks Rank, the company is a #2 (Buy).
In contrast, shares of Bristol-Myers fell, despite falling a meager 0.4% in pre-market trading , are actually up 0.17% to $63.34 on the day. The company sits at a Zacks Rank #3 (Hold).
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Bristol-Myers Squibb (BMY) Invests in uniQure (QURE) to Develop Gene Therapies for Heart Diseases - Stocks in the News