Celgene to acquire Avila

Celgene Corp. (NASDAQ:CELG) will acquire Avila Therapeutics Inc. (Bedford, Mass.) for $350 million in cash, plus up to $575 million in milestones. The milestones comprise up to $195 million related to the development and approval of Avila's cancer product AVL-292 and up to $380 million related to candidates generated from Avila's Avilomics covalent drug discovery program. AVL-292, a covalent small molecule Bruton's tyrosine kinase (Btk) inhibitor, is in Phase Ib testing for B cell malignancies. Celgene expects Phase II trials to start next half. The boards of both companies approved the deal, which is expected to close this quarter. ...