The Wall Street Journal: Celgene said to be near $7 billion deal to buy Impact Biomedicines

Celgene Corp. is nearing a deal to buy biotechnology company Impact Biomedicines for as much as $ 7 billion, according to people familiar with the matter.

The potential deal, which could be announced Monday, calls for Celgene CELG, -1.58%   to buy the privately held San Diego company in three stages, the people said. First there would be an upfront payment of about $ 1 billion, with the next two stages dependent on an approval of Impact’s blood-disease drug from the Food and Drug Administration and successful commercialization, the people said.

Should the drug pan out as hoped, the deal could be worth about $ 7 billion in total.

Celgene, based in Summit, N.J., is one of the biggest U.S. biotechcompanies. It is known for its cancer-drug portfolio but has been trying to diversify beyond its top-selling product, multiple myeloma drug Revlimid, and move into immune disorders like the skin condition psoriasis.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Pfizer ends hunt for drugs to treat Alzheimer’s and Parkinson’s.

Does music help you fall asleep?

MarketWatch.com – Top Stories

You may also like...