SUMMIT, N.J. Celgene has agreed to pay an upfront fee of $50 million for the rights to Acceleron Pharma’s novel, early-stage compound for cancer-related bone loss, according to published reports.
The two companies would jointly develop ACE-011, a treatment to grow new bone mass in patients with multiple myeloma and other cancers. The drug, could be the first in a new class of bone and tissue growth compounds, is currently in Phase 1 trials.
Acceleron would handle clinical trials through Phase 2a, and Celgene would be responsible for late-stage studies. If it wins regulatory approval, the two companies would co-promote the drug in North America.
The agreement could yield up to $510 million for Acceleron if all development milestones, regulatory targets and sales goals are met.