Access to key cancer drugs is the impetus behind the acquisition of privately-owned Gloucester Pharmaceuticals by biotech company Celgene in a deal worth $640 million (£390 million).
US-based Gloucester develops drugs for blood cancers that have limited treatment options, and has a combination of treatments for solid tumours and multiple myelomas in the pipeline.
Its cutaneous T-cell lymphoma drug Istodax has been approved by the US Food and Drug Administration (FDA), and it is at present under review by European regulators.
Meanwhile, the company is testing treatments for cutaneous T-cell lymphoma and peripheral T-cell lymphoma, both of which are types of non-Hodgkin’s lymphoma.
Celgene’s offerings include Revlimid, for multiple myeloma, non-Hodgkin’s lymphoma and chronic lymphocytic leukemia; and Vidaza, for the bone-marrow disease myelodysplastic syndrome and acute myeloid leukemia.
The buyout includes $340 million (£206m) in cash upfront and $300 million (£182m) in future regulatory milestone payments.
Copyright Press Association 2009