FRAZER, Pa. — Cephalon plans to acquire a privately owned company developing treatments for cancer, Cephalon said Monday.
The Frazer, Pa.-based drug maker said it would pay $225 million upfront for Malvern, Pa.-based Gemin X, and Gemin X stockholders would be eligible to receive up to $300 million in milestone payments related to products under development.
Gemin X specializes in cancer treatments that target and kill cancer cells. Its lead product is GX15-070 (obatoclax), currently in phase-2b clinical development as a treatment for small cell lung cancer.
“I am pleased to have entered into a merger agreement with Gemin X,” Cephalon CEO Kevin Buchi said. “Its array of novel, targeted cancer therapeutics is a welcome addition to our current oncology portfolio.”