Press release from Business Wire
Celgene Completes Acquisition of Avila Therapeutics
Thursday, March 08, 2012
SUMMIT, N.J. (Business Wire) -- Celgene Corporation (NASDAQ: CELG) today announced it has completed its acquisition of Avila Therapeutics. Celgene acquired Avila Therapeutics for $350 million in cash, plus up to $575 million contingent upon certain milestones related to AVL-292 and candidates from Avila's discovery program.
The transaction provides Celgene with a highly-selective Bruton's tyrosine kinase inhibitor, currently in phase I clinical development, as well as a unique discovery platform, Avilomics™, for developing targeted covalent drugs that treat diseases through protein silencing.
“The Avilomics research team brings to Celgene an exciting clinical candidate in AVL-292, along with a dynamic platform of protein silencing that has tremendous potential,” said Tom Daniel, M.D., EVP, President of Research and Early Development for Celgene. “We welcome our new colleagues and look forward to the impact that the combined organization will have on the lives of patients receiving our drugs.”
As previously disclosed, Celgene expects the acquisition to be neutral to 2012 non-GAAP diluted earnings guidance.
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.
This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans," "will," “outlook” and similar expressions. Forward-looking statements are based on management's current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the Securities and Exchange Commission.