Celgene Committed to Expanding Sustainable Pipeline of Life-Enhancing
Medical Innovation to Benefit Cancer Patients
Celgene Expects Acquisition to be Neutral to Adjusted Diluted
Earnings in 2015
SUMMIT, N.J. & SAN DIEGO--(BUSINESS WIRE)--
Celgene Corporation (NASDAQ:CELG) and Quanticel Pharmaceuticals, Inc., a
privately held biotechnology company focused on cancer drug discovery,
today announced a definitive share purchase agreement under which
Celgene Corporation will acquire Quanticel. Through the agreement,
Celgene will have full access to Quanticel's proprietary platform for
the single-cell genomic analysis of human cancer, as well as Quanticel's
lead programs that target specific epigenetic modifiers to advance
Celgene's pipeline of innovative cancer therapies.
The acquisition culminates a 2011 strategic alliance between Celgene and
Quanticel. Over the course of the three-and-a-half year alliance,
Quanticel industrialized its single-cell platform for analysis of tumor
cellular content and applied it to novel target discovery and the
generation of high-quality drug candidates. Multiple drug candidates
from Quanticel are expected to enter the clinic in early 2016.
"This acquisition brings into Celgene a highly productive, innovative
organization deploying a unique platform of high strategic value" said
Tom Daniel, M.D., President of Research and Early Development for
Celgene Corporation. "More than acquiring the great team, the novel
technology, and the drug candidates, the deal validates an innovative
approach to building organizational capabilities."
"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," said Steve Kaldor,
Ph.D., chief executive officer at Quanticel. "We look forward to
supporting the continued maturation of our pipeline and platform as a
part of the Celgene organization."
"Culmination of this innovative strategic alliance between Celgene and
Quanticel demonstrates the ability of corporate partners to successfully
collaborate and advance the discovery of new therapies," said Brad
Bolzon, managing director of Versant Ventures, an investor in Quanticel.
The acquisition is subject to customary closing conditions, including
the expiration or termination of the applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976. Under the
agreement terms, Celgene will acquire Quanticel for an upfront payment
of $100 million in cash. Up to an additional $385 million in contingent
payments may be achieved upon research, development, and regulatory
advances related to Quanticel's research and development platform. The
acquisition of Quanticel Pharmaceuticals, Inc. is expected to be
accounted for as a purchase transaction and Celgene anticipates that the
acquisition will be neutral to 2015 adjusted diluted earnings guidance.
Celgene Corporation, headquartered in Summit, New Jersey, is an
integrated global biopharmaceutical company engaged primarily in the
discovery, development and commercialization of innovative therapies for
the treatment of cancer and inflammatory diseases through gene and
protein regulation. For more information, please visit www.celgene.com.
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About Quanticel Pharmaceuticals
Quanticel Pharmaceuticals is a private drug discovery company committed
to creating breakthrough medicines for the treatment of cancer.
Quanticel's proprietary platform for the single-cell genomic analysis of
human cancer is based on the work of company founders and Stanford
professors Stephen Quake and Michael Clarke. Quanticel brings together
pioneering academic serial entrepreneurs, proven industry talent who
have produced marketed drugs and high value liquidity events, and
top-tier Bay Area investor Versant Ventures. For more information,
please visit www.quanticel.com.
This press release contains forward-looking statements, which are
generally statements that are not historical facts. Forward-looking
statements can be identified by the words "expects," "anticipates,"
"believes," "intends," "estimates," "plans," "will," "outlook" and
similar expressions. Forward-looking statements are based on
management's current plans, estimates, assumptions and projections, and
speak only as of the date they are made. We undertake no obligation to
update any forward-looking statement in light of new information or
future events, except as otherwise required by law. Forward-looking
statements involve inherent risks and uncertainties, most of which are
difficult to predict and are generally beyond our control. Actual
results or outcomes may differ materially from those implied by the
forward-looking statements as a result of the impact of a number of
factors, many of which are discussed in more detail in Celgene
Corporation's Annual Report on Form 10-K and other reports filed with
the Securities and Exchange Commission.
All registered trademarks are owned by Celgene Corporation.
Source: Celgene Corporation
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