Celgene Corporation (NASDAQ:CELG) has announced that it has acquired Gloucester Pharmaceuticals. The transaction closed for $340 million, after the early termination of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvement Acts of 1976. Celegene is required to pay an additional $300 million which will be payable upon the achievement of certain future regulatory milestones, according to the agreement.
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The acquisition will provide Celgene ISTODAX® with an approved therapy to treat cutaneous T-cell lymphoma. The therapy will provide Celgene with a strategic fit in the company’s presence in critical blood cancer areas. The company’s products include ISTODAX, REVLIMID®, VIDAZA®, and THALOMID®.
Celgene Corporation is an integrated biopharmaceutical company. The Company is primarily engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases. It is involved in research in several scientific areas that may deliver therapies, targeting areas, such as intracellular signaling pathways in cancer and immune cells, immunomodulation in cancer and autoimmunity and placental cell, including stem and progenitor cell, research. The drug and cell therapies it develops are designed to treat life-threatening diseases or chronic debilitating conditions. The Company’s commercial stage products include REVLIMID, THALOMID (inclusive of Thalidomide Pharmion), VIDAZA, ALKERAN and FOCALIN. On March 7, 2008, it acquired Pharmion Corporation, a biopharmaceutical company that acquired, developed and commercialized products for the treatment of hematology and oncology patients.
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