Celgene To Snap Up Gloucester Pharma For $640M

Law360, New York (December 7, 2009, 2:10 PM EST) -- Biopharmaceutical giant Celgene Corp. revealed plans Monday to acquire privately held Gloucester Pharmaceuticals Inc. in a deal valued at up to $640 million, a move designed to boost Celgene's ability to develop disease-altering therapies for patients with rare and debilitating blood cancers.

Summit, N.J.-based Celgene said it will initially fork over $340 million in cash for Gloucester, plus an additional $300 million in future U.S. and international regulatory milestone payments.

Gloucester, based in Cambridge, Mass., develops new therapies that address the unmet medical needs in the...
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