Celgene makes investment in Acetylon Pharmaceuticals

Celgene has made an investment of $15 million (9.49 million pounds) in Acetylon Pharmaceuticals in order to support its innovative cancer research.

The investment, made via the purchase of series B2 preferred stock, reflects Acetylon's success in developing next-generation selective HDAC inhibitors for cancer and non-cancer disease indications.

Currently, the companies are investigating a potential combination of Celgene's leading myeloma drug Revlimid plus Acetylon's selective HDAC6 inhibitor ACY-1215, while Celgene will also be contributing clinical and commercialisation expertise to the latter firm.

Celgene chief commercial officer Mark Alles will serve as a non-voting observer to Acetylon's board of directors under the agreement, though Celgene will not receive rights or options to any Acetylon technology.

"Our investment in Acetylon Pharmaceuticals reflects our continuing commitment to help patients with haematologic malignancies to gain access to disease-altering therapies that improve the lives of patients worldwide," he added.

Last month, Celgene published its financial report for 2011, during which it generated a record-breaking $4.67 billion sales total.