Celgene (CELG) Expands Its Leadership In The Cancer Market
December 07, 2009 11:24 AM
Celgene (NASDAQ: CELG) is looking to solidify its position in the cancer market. For this purpose, Celgene acquired privately held firm Gloucester Pharmaceuticals Inc. for $640 Million.
Cambridge, Mass. based Gloucester Pharmaceuticals Inc. develops drugs for blood cancer. In November, it had received FDA approval for ‘Istodax’ which has been developed for patients with T-cell lymphoma. Gloucester Pharmaceuticals Inc. is currently looking forward to a green signal from European regulators.
The company is also working on developing drugs for multiple myeloma and solid tumors. It is also conducting researches for curing peripheral T-cell lymphoma and cutaneous T-cell lymphoma. Celgene too currently has a portfolio of cancer-related drugs and is looking to add to it with this merger. Celgene developed and owns the rights to Revlimid which is used in treatment of multiple myeloma, non-Hodgkin’s lymphoma, and chronic lymphocytic leukemia. It also has Vidaza for acute myeloid leukemia and bone-marrow disease myelodysplastic syndrome.
