Celgene Signs License Deal With GlobeImmune

GlobeImmune and Celgene have signed an agreement to discover, develop, and commercialize oncology drug candidates based on GlobeImmune's molecular immunotherapy technology. Under the agreement, Celgene will pay GlobeImmune $40 million up front, for which it will get an equity investment in GlobeImmune. In return, Celgene will receive exclusive options to all of GlobeImmune's oncology programs, including the drug candidate GI-4000, currently in Phase II trials for pancreatic cancer. Celgene's main product is Revlimid, an analog of thalidomide that is used to treat multiple myeloma. The company was among the investors in a $41.2 million GlobeImmune financing round in 2007.