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Celgene pharma partners with option to buy Acetylon

Posted on 30 July 2013

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Acetylon Pharmaceuticals pharma partners as part of a strategic collaboration and option agreement with Celgene , which aids the development of Acetylon's various portfolios.

The agreement also carries an exclusive option for the future acquisition of Acetylon by Celgene.

Pursuant to the deal, Acetylon will receive $100 million cash and Celgene will receives an exclusive option to acquire Acetylon.

If Celgene exercises the option to buy Acetylon, an upfront payment determined from the valuation process and subject to a minimum of $500 million will be paid during the closure of the deal.

Along with it, Acetylon shareholders will be eligible to receive potential future milestone payments for either approvals or additional indications of drugs developed by Acetylon and for accomplishing defined sales targets.

Upon achieving all the milestones, the additional value accruing to Acetylon shareholders would be $1.1 billion, comprsing of $250 million for regulatory milestones and $850 million for sales milestones.

The pharma partners will focus on the continued clinical advancement of Acetylon's lead candidate, ACY-1215, an oral first-in-class selective HDAC6 inhibitor being developed for hematological malignancies, ACY-738 for neurological diseases, an HDAC1/2 inhibitor, and a yet unnamed project, spanning cancer and non-cancer disease indications.

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