U.S. biotech pharmaceutical positive Celgene said on Sunday that it had agreed to acquire Impact Biomedicines for as much as $7 billion, impose on to certain milestones associated with regulatory hurdles and sales scene.
Celgene is interested in Impact Biomedicines’ fedratinib, a kinase inhibitor that has shown potential as a potential treatment for a type of blood cancer called myelofibrosis, according to a asseveration put out jointly by both companies.
“Myelofibrosis is a disease with high unmet medical have occasion for as the number of patients who are ineligible for or become resistant to existing therapy persist ins to increase,” said Nadim Ahmed, Celgene’s president of hematology and oncology.
“(Fedratinib) provides tactical options for us to build leadership in this disease.”
The deal is structured in three divides, with Celgene paying $1.1 billion in cash upfront for the San Diego-based society.
Celgene will pay an additional $1.4 billion, depending on the receipt of U.S. Provisions and Drug Administration milestone approvals.
Finally, Celgene will atone payments depending on sales, with a maximum of $4.5 billion due if annual net garage sales of Impact’s treatments exceed $5 billion.
Celgene is a bio-technology business based in Summit, New Jersey, that specializes in treatments for multiple myeloma.