Celgene Bolsters Pipeline With Avila Acquisition
This article was originally published in The Pink Sheet Daily
Celgene will acquire the Massachusetts biotech for $350 million upfront plus $575 million in potential milestones related to Avila’s lead compound as well as other compounds to emerge from its technology platform.
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The J&J subsidiary has signed a deal with Boston-area Scholar Rock to discover new biologics that aim for a more pinpoint solution to inflammatory disease.
A $100 million, non-dilutive investment will keep Acetylon off the market, giving Celgene the right to buy it for a minimum of $500 million up-front within a pre-determined time window. For now, Acetylon retains all rights to its pipeline, including Phase Ib multiple myeloma drug ACY-1215.
The biotech has a three-pronged strategy to double revenues by 2017: continue to expand core multiple myeloma product Revlimid, bring new blockbusters online, and develop its early stage pipeline through deals.