Bristol-Myers Squibb has acquired all of the outstanding capital stock of Cormorant, a private, Stockholm, Sweden-based pharmaceutical company focused on the development of therapies for cancer and rare diseases.

The acquisition gives Bristol-Myers Squibb full rights to Cormorant’s HuMax-IL8 antibody program and the lead candidate HuMax-IL8, a Phase 1/2 monoclonal antibody targeted against interleukin-8 (IL-8) that represents a potentially complementary immuno-oncology mechanism of action to T-cell directed antibodies and co-stimulatory molecules.

“We believe combination therapy will be foundational to delivering the potential for long-term survival for patients, and the opportunity to develop the HuMax-IL8 antibody program together with our broad Immuno-Oncology pipeline enables us to accelerate the next wave of potentially transformational immunotherapies,” said Francis Cuss, MB BChir, FRCP, executive vice president and chief scientific officer, Bristol-Myers Squibb.