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news.Celgene has entered into a definitive share purchase agreement to acquire US-based cancer drug discovery firm Quanticel Pharmaceuticals for about $485m.
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As part of the deal, Celgene will make an upfront payment of $100m in cash and an additional $385m in contingent payments upon research, development and regulatory advances.
The acquisition, which is subject to customary closing conditions, is expected to help advance Celgene’s pipeline of new cancer therapies.
Celgene Research and Early Development president Tom Daniel said: "This acquisition brings into Celgene a highly productive, innovative organization deploying a unique platform of high strategic value.
"More than acquiring the great team, the novel technology, and the drug candidates, the deal validates an innovative approach to building organizational capabilities."
The deal, which has its roots in a 2011 strategic alliance between the two firms, gives Celgene full access to Quanticel’s proprietary platform for single-cell genomic analysis of human cancer, as well as its lead programs targeting specific epigenetic modifiers.
Celgene said in a statement that multiple drug candidates from Quanticel are expected to enter the clinic in early 2016.
Quanticel chief executive officer Steve Kaldor said: "Celgene made clear from the start that they valued both our technology and our team, and this resulted in an extremely collaborative and productive partnership over the past three years.
"We look forward to supporting the continued maturation of our pipeline and platform as a part of the Celgene organization."
Image: The acquisition of Quanticel will help advance Celgene’s pipeline of new cancer therapies. Photo: courtesy of FreeDigitalPhotos.net / Wagging DogMedia Limited.