Saturday, March 08, 2008

Celgene acquires Pharmion Celgene, a US-based pharmaceutical company completed its acquisition of Pharmion, another US-based company. Both firms specialize in cancer drugs, especially those related to blood diseases (hematological oncology). The deal is for $2.9 billion. Pharmion, which already has license to sell Celgene's drugs in Europe, has developed a new drug for treating myelodysplastic syndrome, a condition that signals the onset of leukemia. That supplements Celgene's already established drug for the condition. Celgene is the fourth largest biotechnology company in the world, behind Genentech, Amgen, and Gilead Sciences. The takeover gives it a dominant market position in its primary area of focus. 6:22:40 PM

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