Celgene has agreed to option three development programs at Acceleron and collaborate on the development of its lead bone formation protein in two deals that could be worth upwards of $1.9 billion. Celgene is paying Acceleron $50 million up front and a $5 million equity payment and up to $510 million in milestones for ACE-011--which is in an early-stage trial. On top of that, Celgene will take a minimum $7 million equity stake in Acceleron if it goes public. And there's an additional $1.3 billion in payments for the options on discovery stage programs targeting cancer and cancer-related bone loss. A mid-stage trial of ACE-011 is expected to get underway later this year.
"This collaboration is an excellent strategic fit for Acceleron and the ACE-011 program. Celgene is one of the most successful biotech companies in the world and is the leader in the field of blood cancers, including multiple myeloma, an indication where ACE-011 has great potential," said John Knopf, Ph.D., CEO of Acceleron. Knopf signaled an approaching deal to FierceBiotech last fall, saying it expected to get a collaboration agreement inked in the first quarter. The biotech company delivered right on schedule.
- check out this release on the deal
- read the report from MassHighTech
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