BMS to Acquire Padlock Therapeutics for $600M

Bristol-Myers Squibb has agreed to acquire Padlock Therapeutics in a deal worth up to $600 million.

The deal includes upfront and near-term milestone payments of up to $225 million and an additional $375 million upon completion of regulatory milestones.

Cambridge, Mass.-based Padlock focuses on autoimmune diseases. With the acquisition, BMS gains access to Padlock’s protein/peptidyl arginine deiminase inhibitor discovery program.

The parties expect the deal to close in the second quarter.