NEW YORK (AP) — Celgene says it will buy privately held Gloucester Pharmaceuticals Inc. for $640 million, getting access to key cancer drugs.
The deal includes $340 million in cash upfront and $300 million in future regulatory milestone payments.
Gloucester, headquartered in Cambridge, Mass., develops drugs for blood cancers with limited treatment options. The Food and Drug Administration approved Gloucester's drug Istodax in November as a treatment for cutaneous T-cell lymphoma. It is approved only for patients who were on at least one previous therapy.
Celgene, based in Summit, N.J., says the purchase will close in the first quarter. It will add to profit in 2011 but have no impact in 2010, Celgene says.
