Celgene Corp. has entered a share purchase agreement with Quanticel Pharmaceuticals Inc. and will acquire the company, Celgene announced on Monday.
This is a part of a long-standing strategic partnership between the two companies. Quanticel has its primary focus on cancer drug discovery, and both companies have utilized the company's single-cell platform that can be used to analyze tumors and their cellular makeup.
"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," Quanticel CEO Steve Kaldor said. "We look forward to supporting the continued maturation of our pipeline and platform as a part of the Celgene organization."
This agreement will be subject to closing conditions that includes a mandatory waiting period under the Hart-Scott-Rodino Antitrust Act of 1976. First off, $100 million will be paid upfront, as well as a possible $385 million in contingency payments, which will be based on continued research and development on the part of Quanticel.
"This acquisition brings into Celgene a highly productive, innovative organization deploying a unique platform of high strategic value," Dr. Tom Daniel, president of research and early development for Celgene Corp., said. "More than acquiring the great team, the novel technology and the drug candidates, the deal validates an innovative approach to building organizational capabilities."
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