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Home Industry News Celgene announces takeover of Avila Therapeutics

Celgene announces takeover of Avila Therapeutics

27th January 2012

Celgene has agreed a deal to acquire Avila Therapeutics, a privately held biotechnology company specialising in targeted covalent drugs.

The definitive merger agreement will see Celgene pay an initial acquisition fee of $350 million (222.78 million pounds).

A further $195 million payment is contingent on the development and regulatory approval of Avila's lead product candidate, a Bruton's tyrosine kinase inhibitor called AVL-292 that is currently in phase I testing.

Meanwhile, $380 million in potential milestone payments could be paid based on the development of candidates generated from the Avilomics platform, an innovative drug discovery solution.

Dr Tom Daniel, president of research and early development for Celgene, said: "We see Avila's unique approach to protein silencing as an area of great promise for our research initiatives in haematology, oncology and immune-inflammatory diseases."

Earlier this week, the company bolstered its leadership expertise through the appointment of former Association of the British Pharmaceutical Industry head Dr Richard Barker to its board of directors.ADNFCR-8000103-ID-801276584-ADNFCR

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