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Celgene receives option to acquire Acetylon

July 30, 2013 12:09 AM UTC

Celgene Corp. (NASDAQ:CELG) paid $100 million up front in exchange for an exclusive option to acquire Acetylon Pharmaceuticals Inc. (Boston, Mass.). If Celgene exercises its option, Acetylon will receive at least $500 million in cash up front, and Acetylon shareholders would be eligible for up to $1.1 billion in milestones. The companies are not disclosing the terms of the option. Celgene first made a $15 million equity investment in Acetylon last year (see BioCentury Extra, Feb. 9, 2012).

Acetylon's ACY-1215 is an oral selective histone deacetylase 6 (HDAC6) inhibitor in Phase I/II testing for relapsed or refractory multiple myeloma (MM). The company's pipeline also includes ACY-738, which is in preclinical testing for neurodegeneration and is slated to enter the clinic around the end of 2014. ...