Celgene Corporation has closed its acquisition of Gloucester Pharmaceuticals following the early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Under the terms of the merger agreement Celgene Corporation acquired Gloucester Pharmaceuticals for US$ 340 million in cash plus up to an additional US$ 300 million payable upon achievement of certain future regulatory milestones.
The transaction brings to Celgene Istodax (romidepsin), an approved therapy for the treatment of cutaneous T-cell lymphoma (CTCL), providing a strategic fit and expanding the company's presence in critical blood cancers.
"There is a need for better treatment options for CTCL patients and this acquisition enables Celgene to maximize the clinical and commercial potential of Istodax through our existing infrastructure, to the benefit of patients," said Sol J Barer, chairman and chief executive officer of Celgene Corporation. "Istodax now joins Revlimid, Vidaza and Thalomid in a robust portfolio of products for the treatment of blood cancers."
As the company has stated, it expects the acquisition to be neutral to earnings in 2010, and slightly accretive in 2011.
Istodax (romidepsin) is a member of a new class of cancer drugs known as histone deacetylase (HDAC) inhibitors.
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.