BMS' Purchase Of Amira: When An Acquisition Is Really An Asset Sale

Bristol-Myers Squibb Co.'s purchase of Amira Pharmaceuticals Inc. for $325 million upfront and another $150 million in downstream milestones shows that prior licensing deals and multiple programs in a pipeline don't necessarily curb a start-up's acquisition potential, provided investors are thinking smartly about deal structures that create separate value streams for the various products in the portfolio.