Celgene options GlobeImmune's oncology programs

Celgene Corp. (NASDAQ:CELG) received an option to license exclusive, worldwide rights to oncology candidates from GlobeImmune Inc. (Louisville, Colo.). The initial deal is valued at $40 million, and includes an upfront payment and an equity investment. GlobeImmune also is eligible for up to $500 million in milestones, plus double-digit royalties and sales milestones.

GlobeImmune develops targeted molecular immunogens, dubbed Tarmogens, which are recombinant yeast cells that express antigens that stimulate an immune response. The company's lead cancer Tarmogen, GI-4000, is in Phase II testing for non-small cell lung cancer (NSCLC) and pancreatic cancer. The deal also includes GI-6207, a Tarmogen that is in Phase I testing to treat CEA over-expressing metastatic cancers; and two preclinical Tarmogens: GI-3000 for glioblastoma and GI-10000 for chronic myelogenous leukemia (CML). ...