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GEN News Highlights : Sep 13, 2007

Celgene Plugs $20M into PTC Therapeutics

Equity investment gives firm option to use PTC’s GEMS technology for oncology targets.

Celgene will make a $20 million equity investment in PTC Therapeutics. In return, Celgene will gain the right to enter an exclusive research deal related to two oncology targets for the development of small molecules with PTC’s GEMS (gene expression modulation by small molecules) technology.

If Celgene exercises this option, PTC may receive funding for research efforts and milestone payments per target. Celgene will receive exclusive worldwide rights and pay PTC royalties on net sales of any products.

The GEMS platform identifies small molecules that modulate post-transcriptional control mechanisms. These compounds target processes that act through the untranslated regions of mRNA.