Acquisition moves Celgene closer to becoming a leading global hematology/oncology company. Combined company will bring together three innovative disease-altering therapies and a deep pipeline in cancer and inflammation
Celgene Corporation has closed its $2.9 billion acquisition of Pharmion Corporation. Pharmion shareholders will receive $25 in cash and 0.8367 Celgene shares for each share of Pharmion stock owned.
The transaction brings together three medically meaningful therapies, Revlimid®, Thalomid® and Vidaza®, treating patients worldwide. These products are expected to generate multiple global revenue streams for accelerated financial growth as we move into nearly 100 countries over the next five years and beyond.
Celgene plans to announce its first quarter financial results on May 8, 2008 at which time it will also provide updated 2008 financial guidance relative to the acquisition, as well as provide an update on the initiation of its global integration strategy. As the Company has stated, it expects the acquisition to be slightly dilutive to earnings in 2008, accretive in 2009 and materially accretive in 2010 and beyond.
Celgene Corporation is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation.