In a bid to bolster its autoimmune pipeline, Bristol-Myers Squibb (BMS) entered into an agreement to acquire the biotechnology startup firm Padlock Therapeutics which specializes in development of drugs that inhibit Protein/Peptidyl Arginine Deiminase (PAD) enzymes to treat autoimmune disorders. The consolidated value of the deal was US$600 M which included an upfront payment and near term milestones of US$225 M and Padlock is eligible for another US$375 M contingent consideration if drugs are successfully developed and approved.