Celgene gets option to Agios compounds

Agios Pharmaceuticals Inc. (Cambridge, Mass.) granted Celgene Corp. (NASDAQ:CELG) an option to license rights to develop and commercialize an undisclosed number of preclinical compounds targeting cancer metabolism. Agios will receive $130 million up front, including an equity investment, and is eligible for $120 million in milestones per program, plus royalties. The deal covers therapeutics against targets involved in cancer metabolism, including isocitrate dehydrogenase 1 (IDH1) and pyruvate kinase M2 isozyme (PKM2), and Celgene's option kicks in after the compounds complete Phase I trials (See BioCentury, Jan. 19, 2009). ...