SUMMIT, N.J. Celgene Corp. plans to acquire Cambridge, Mass.-based Gloucester Pharmaceuticals in a deal worth more than $300 million, Celgene announced Monday.
The Summit, N.J.-based biopharmaceutical company said the acquisition of Gloucester for $340 million plus $300 million in future milestone payments would give it a leadership position in developing disease-altering therapies through innovative approaches for patients with blood cancers.
The Food and Drug Administration approved Gloucester’s Istodax (romidepsin) in November as a treatment for cutaneous T-cell lymphoma in patients who have received at least one prior systemic therapy. The agency also gave the drug orphan drug designation for treatment of non-Hodgkin’s T-cell lymphomas like CTCL and peripheral T-cell lymphoma and fast-track status for PTCL.
“This acquisition reflects our ongoing commitment to improving the lives of patients worldwide through innovative medicines discovered and developed both in-house and through external opportunities,” Celgene chairman and CEO Sol Barer sstated.