Celgene Corporation, the US biotechnology company which develops, commercializes and discovers medicines for inflammatory disorders and cancer, has recently announced that it is all set to buy the Impact Biomedicines for up to $7 billion.
‘fedratinib’ is the main the interest of Celgene in acquiring the Impact Biomedicines, which is the kinase inhibitor that has given a new hope for treating a potential type of blood cancer known as myelofibrosis, says a statement given jointly by both the companies.
President of oncology and hematology at Celgene, Nadim Ahmed said in a statement that, “Myelofibrosis is a disease with high unmet medical need as the number of patients who are ineligible for or become resistant to existing therapy continues to increase. (Fedratinib) provides strategic options for us to build leadership in this disease.”
The deal has been made in three parts, as Celgene will pay $1.1 upfront billion cash to the company based in San Diego.
In addition, Celgene will pay $1.4 billion more, which will be depend upon the receipt of milestone approvals by United States Food and Drug Administration.
Lastly, Celgene has to pay a maximum of $4.5 billion due, depending upon sales, if yearly net sales of treatments performed by Impact Biomedicines exceed $5 billion.
Chief Executive Officer at Impact Biomedicines, Dr. John Hood said that, “We launched Impact Biomedicines and based on our thorough review of the data, fedratinib presents a compelling risk benefit profile in both treatment-naïve patients and patients who are resistant or intolerant to other JAK2 therapies. We believe Celgene is the ideal organization to follow through on our mission of maximizing fedratinib’s potential for patients with myelofibrosis.”