Celgene completes Avila Therapeutics takeover

Celgene has confirmed the completion of its acquisition of Avila Therapeutics, a deal which will provide the company with access to innovative new drug technology.

A fee of $350 million (223.9 million pounds) in cash has been paid to close the deal, with up to $575 million in milestone fees also owed depending on the successful clinical development of certain drug candidates.

The takeover allows Celgene to take control of AVL-292, a promising highly-selective Bruton's tyrosine kinase inhibitor, which is currently in phase I clinical development, as well as the targeted covalent drug discovery platform Avilomics.

Dr Tom Daniel, president of research and early development for Celgene, said: "We welcome our new colleagues and look forward to the impact that the combined organisation will have on the lives of patients receiving our drugs."

This comes after it was announced last month that Celgene has also made a $15 million investment in Acetylon Pharmaceuticals, in order to support its cancer research programmes.

Celgene will contribute clinical and commercialisation expertise under the agreement, while its chief commercial officer Mark Alles will serve as a non-voting observer to Acetylon's board of directors.