Pharmion’s oncology portfolio further strengthens Celgene’s pipeline.
Celgene and Pharmion signed a definitive merger agreement under which Celgene agreed to acquire Pharmion. Under the terms of the agreement, Celgene will acquire all of the outstanding shares of Pharmion common stock for $72.00 per share payable in a combination of cash and shares of Celgene common stock. The transaction is expected to be slightly dilutive to earnings in 2008 and accretive in 2009 and beyond.
The transaction brings together three therapies, Revlimid®, Thalomid®, and Vidaza®. These products are expected to generate multiple global revenue streams for accelerated revenue and earnings growth over the next five years, according to the firms.
“The acquisition of Pharmion is an exceptional strategic fit,” says Sol J. Barer, Ph.D., chairman and CEO of Celgene. “Our combined global infrastructure will leverage the therapeutic and commercial potential of Pharmion’s products, particularly Vidaza, which has the potential to become a major global therapy. By bringing together the talents and resources of both companies, we move closer to our vision of becoming a leading hematology and oncology company in the world, expanding our industry leading programs for safety, access and patient support.”
