US-based biotechnology company Celgene has entered into a strategic agreement with start-up drug discovery company PharmAria as part of an equity investment.
Celgene will provided seed-stage funding as well as help the company raise its series A round and will also have the option to acquire PharmAria.
PharmAria was founded earlier this year to develop its new small-molecule therapeutics targeting cancer and fibrotic diseases.
The three co-founders, John Hutchinson, president, Jilly Evans, chief scientific officer, and Kevin Holme, chief operating officer, along with members of the initial scientific team, previously worked together and co-founded Amira Pharmaceuticals, which was acquired by Bristol-Myers Squibb last year for up to $475m.