Celgene splashes out on cancer R&D firm
pharmafile | April 28, 2015 | News story | Research and Development, Sales and Marketing |
Oncology specialists Celgene have made a $485 million outlay to buy Quanticel Pharmaceuticals, to increase its effort and investment in new cancer drug discovery.
Celgene will acquire the San Francisco-based biotech firm through a definitive share purchase agreement, through which Celgene will have full access to Quanticel’s platform for cancer cell genomic analysis and its programs to develop Celgene’s pipeline of potential cancer therapies.
The deal is the culmination of a three-year partnership between the companies, the target of which is to produce candidate oncology drugs – several from Quanticel “are expected to enter the clinic in early 2016”, the companies say.
Under the terms of the agreement Celgene will pay an upfront figure of $100m, and pay up to an additional $385 million in contingent payments based on research, development, and regulatory advances related to Quanticel’s R&D platform. Celgene says the transaction will not affects its 2015 earnings predictions, and will publish its first-quarter financial results later this week.
It comes shortly after Celgene announced a £450m strategic collaboration with AstraZeneca to bring MEDI4736, an anti-PD1 checkpoint inhibitor, to market. Celgene will lead on clinical trials and will take on all R&D costs until the end of 2016, and will also be responsible for global commercialisation of approved treatments.
“This acquisition brings into Celgene a highly productive, innovative organisation deploying a unique platform of high strategic value” says Tom Daniel, president of research and early development for Celgene. “More than acquiring the great team, the novel technology, and the drug candidates, the deal validates an innovative approach to building organisational capabilities.”
Steve Kaldor, chief executive at Quanticel, says: “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 organisation.”
Lilian Anekwe
