Celgene Buys Cancer Treatment Developer Impact Biomedicines for $1.1 Billion

Celgene Corp. has announced the acquisition of Impact Biomedicines, a company developing medication to combat bone marrow cancer.

Celgene, headquartered in Summit, N.J., will purchase San Diego-based Impact Biomedicines for $1.1 billion, with another $1.25 billion in later contingent payments based on regulatory approvals on other indicators of success.

Additional payments for sales-based milestones could add $4.5 billion to the deal, a statement from both companies Sunday said.

Impact Biomedicine’s specialty is development of treatments for complex cancers. Its most promising research is the development of fedratinib, a treatment for the rare bone marrow cancer myelofibrosis, and for polycythemia vera, which involves an overproduction of red blood cells in bones. The drug is a kinase inhibitor, meaning it is an enzyme which blocks the action of other enzymes called protein kinases.

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SOURCE: UPI, Ed Adamczyk