Archive for Monday, November 19, 2007
Celgene to buy Pharmion
Drug maker Celgene Corp. has agreed to acquire Pharmion Corp. for $72 a share in a cash-and-stock deal valued at $2.9 billion, the companies said Sunday.
Summit, N.J.-based Celgene said the deal would further its strategy in the hematology/oncology field and would bring together three therapies – Revlimid, Thalomid and Vidaza – that are expected to accelerate revenue and earnings growth over the next five years.
Under the deal, each share of Boulder, Colo.-based Pharmion would be exchanged for $25 in cash and Celgene shares to be determined by an exchange ratio. Upon closing, Pharmion stockholders will own 6% of Celgene’s outstanding shares.
Save/Share:
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