Medicxi's returns keep flowing as Celgene's Inrebic approval delivers milestone

Friday's approval of myelofibrosis drug Inrebic fedratinib added to the windfall European venture firm Medicxi has realized from its relatively modest October 2017 investment in Impact Biomedicines Inc., likely returning more total cash than Medicxi raised for its entire first fund.

With FDA's approval of Inrebic from Celgene Corp. (NASDAQ:CELG), Impact's shareholders are due a milestone payment of undisclosed size. Celgene acquired Impact for $1.1 billion up front in a deal announced in January 2018. The deal included $1.4 billion in regulatory milestones, including $1.25 billion in milestones tied to Inrebic's approval, although some of the latter total is associated with approvals in geographies beyond the U.S., a Celgene spokesperson told BioCentury on Friday (see "Myelofibrosis Approval Sets Up Key Launch")...