Ian Walters, Portage Biotech CEO

Low-pro­file biotech led by Bris­tol My­ers vets grabs a suite of adeno­sine re­cep­tor an­tag­o­nists via tiny buy­out

A small biotech with big im­munother­a­py dreams out of West­port, CT, is jump­ing in­to the adeno­sine path­way with both feet.

Portage Biotech — which is led by two Bris­tol My­ers Squibb vets, CEO Ian Wal­ters and CSO Robert Kramer — is buy­ing out New York’s Tarus Ther­a­peu­tics in a $21 mil­lion all-stock deal that gives it $3 mil­lion worth of li­a­bil­i­ties on top of four adeno­sine re­cep­tor an­tag­o­nists, two of which are al­ready in Phase I/II tri­als.

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