May 6, 2013
LEXINGTON, MA – Concert Pharmaceuticals, Inc. today announced that it has entered into a strategic collaboration with Celgene Corporation directed towards deuterium-modified compounds targeting cancer and inflammation. The collaboration will initially focus on one program, but has the potential to encompass multiple targets.
Under the terms of the agreement, Concert will receive an upfront payment from Celgene and in the event Celgene decides to exercise its program options, Concert will be eligible to receive greater than $300 million in development, regulatory, and sales milestone payments for each program selected for development by Celgene. In addition, Concert will receive tiered royalties on any product sales for each of the programs advanced by Celgene.
"Celgene's deep experience developing clinically meaningful therapies, and their global commitment to patients across multiple therapeutic areas, make them an ideal partner," said Roger Tung, Ph.D., President and CEO of Concert Pharmaceuticals. "We look forward to working with Celgene to evaluate the potential benefits of deuterium-modification for a number of programs emerging in our pipeline."
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. For more information, please visit the company's Web site at www.celgene.com.
Concert Pharmaceuticals is a clinical stage biotechnology company focused on applying the company's DCE Platform® (deuterated chemical entity platform) to create novel and differentiated small molecule drugs. Concert's approach leverages decades of pharmaceutical and clinical experience to reduce the time, risk and expense needed to create important new medicines. The company has a broad research pipeline addressing renal disease, CNS disorders, hematologic disorders and other therapeutic areas. Founded in 2006, Concert has raised more than $110 million of venture and institutional capital. For more information on Concert Pharmaceuticals, please visit www.concertpharma.com.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.