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12:00 AM
 | 
May 25, 2009
 |  BioCentury  |  Strategy

Pharmion 2.0

After scoring a multi-billion dollar success with Pharmion Corp., the same management team is looking to duplicate the feat by creating another in-licensing company, Clovis Oncology Inc. But this time around, the team is starting in a buyer's market and is planning to take advantage of new tools to direct drug development toward specific populations.

The newco will start out with $145 million, from mostly the same venture backers that bankrolled Pharmion (see Ebb & Flow, A13).

Pharmion was founded in 2000 to in-license clinical compounds and take them to market. In 2008, with four products on the market, it sold itself to Celgene Corp. for $2.9 billion (see BioCentury, April 21, 2008).

"We had talked with our investors, and knew we would do this again as soon as we sold Pharmion," said President and CEO Pat...

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