12.07.09
Celgene Corporation will acquire privately held Gloucester Pharmaceuticals for $340 million in cash and as much as $300 million in milestone payments. The acquisition is intended to strengthen Celgene's position in the development of disease-altering therapies through innovative approaches for patients with rare and debilitating blood cancers. Gloucester develops new therapies that address the unmet medical needs in the treatment of cancer, including cutaneous T-cell lymphoma (CTCL), peripheral T-cell lymphoma (PTCL) and other hematological malignancies.
“We are thrilled with this transaction because Celgene’s global leadership in the development and commercialization of innovative treatments for hematologic diseases makes them ideally suited to bring the clinical benefits of Istodax to patients with CTCL,” said Alan Colowick, M.D., chief executive officer of Gloucester.
Istodax was approved in November 2009 by the FDA for the treatment of CTCL in patients who have received at least one prior systemic therapy. Istodax has also received both orphan drug designation for the treatment of non-Hodgkin’s T-cell lymphomas, which includes CTCL and PTCL, and Fast Track status in PTCL from the FDA. The EMEA has granted it orphan status designation for the treatment of both CTCL and PTCL.
“This acquisition reflects our ongoing commitment to improving the lives of patients worldwide through innovative medicines discovered and developed both in-house and through external opportunities,” said Sol J. Barer, Ph.D., chairman and chief executive officer of Celgene. “We also would like to recognize the dedication, effort and leadership that Alan and his team have demonstrated in the process of developing and delivering Istodax to patients living with CTCL.”
“We are thrilled with this transaction because Celgene’s global leadership in the development and commercialization of innovative treatments for hematologic diseases makes them ideally suited to bring the clinical benefits of Istodax to patients with CTCL,” said Alan Colowick, M.D., chief executive officer of Gloucester.
Istodax was approved in November 2009 by the FDA for the treatment of CTCL in patients who have received at least one prior systemic therapy. Istodax has also received both orphan drug designation for the treatment of non-Hodgkin’s T-cell lymphomas, which includes CTCL and PTCL, and Fast Track status in PTCL from the FDA. The EMEA has granted it orphan status designation for the treatment of both CTCL and PTCL.
“This acquisition reflects our ongoing commitment to improving the lives of patients worldwide through innovative medicines discovered and developed both in-house and through external opportunities,” said Sol J. Barer, Ph.D., chairman and chief executive officer of Celgene. “We also would like to recognize the dedication, effort and leadership that Alan and his team have demonstrated in the process of developing and delivering Istodax to patients living with CTCL.”