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Business
Celgene Links With Array BioPharma
October 1, 2007
| A version of this story appeared in
Volume 85, Issue 40
Celgene has linked up with Array BioPharma to discover and develop anticancer and anti-inflammation drugs. Array will receive a $40 million upfront payment in exchange for granting Celgene an option to choose drugs that are directed at two of four mutually selected targets. Array could gain up to $500 million in development and commercial milestones for each drug developed, as well as royalties on commercial sales. Celgene recently struck a similar arrangement with PTC Therapeutics, in which it made a $20 million equity investment in exchange for an exclusive option on two oncology targets for small-molecule drugs.
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