Celgene to Pay $1 Billion for Biotech Collaboration With Juno

30 Jun 2015 | Author: | No comments yet »

After the Bell: Juno Therapeutics Surges 38% on Celgene Deal.

Celgene, a leading biotech company, said on Monday that it would pay about $1 billion to start a collaboration with Juno Therapeutics, a leader in the hot new area of cancer drugs that harness patients’ immune systems to attack tumors.Shares of Juno Therapeutics (JUNO) surged more than 38% after hours on news that biotech giant Celgene (CELG) is making a big investment in the drug maker. That reflected the excitement around its technology, which involves genetically engineering patients’ immune system cells so they can recognize and attack tumors. A deal with Celgene, which is one of the largest biotechnology companies, could help Juno better compete with Novartis, the Swiss pharmaceutical giant, which is developing similar treatments, which are called chimeric antigen receptor technology, or CAR-T.

No such drug is approved for sale yet, but in small clinical trials the approach has led to some substantial remissions among patients with various blood cancers. “Celgene is the ideal partner for Juno to help us realize the full potential of our science and clinical research while maintaining the independence we, our employees, partners and investors believe is so critical for true innovation,” Hans Bishop, the chief executive of Juno, said in a statement. Juno will responsible for research and development in North America and will keep commercial rights there, while Celgene will be responsible for the rest of the world. Under the terms of the agreement, Celgene has the option to be Juno’s commercialization partner for certain therapies, including the ones Juno now has in clinical trials.

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