Pharmaceutical firm Celgene acquired US-based cancer drug developer Quanticel Pharmaceuticals, in which it invested in 2001, on Monday in a deal worth up to $485m.
Celgene will pay $100m in cash up front, with a further $385m in payments to be made contingent to research, development and regulatory milestone related to Quanticel’s research and development platform.
Quanticel has created a platform for the single-cell genomic analysis of human cancer. It expects to advance multiple drug candidates into clinical trials by early 2016.
Celgene provided $45m for Quanticel in 2011, securing an equity stake and an option to buy the company. The acquisition will grant Celgene full access to the platform along with a pipeline of drug candidates that will boost its oncology programme.
Quanticel CEO Steve Kaldor said: “Celgene made clear from the start that they valued both our technology and our team, and this resulted in an extremely collaborative and productive partnership over the past three years.
“We look forward to supporting the continued maturation of our pipeline and platform as a part of the Celgene organisation.”
Quanticel was founded in 2010 and received early funding from healthcare-focused venture capital firm Versant Ventures.