Celgene Pays Agios $20M to Extend Cancer Drug Pact
NEW YORK (AP) - Agios Pharmaceuticals said Wednesday that Celgene Corp. will pay it $20 million to extend their research on experimental cancer drugs by another year.
The agreement between the companies now lasts until April 2014. The deal gives Celgene the ability to develop any drugs resulting from research by Agios.
Agios received $130 million under the April 2010 agreement that started the collaboration, and it will receive further payments if any of the drug candidates are successful. That included an equity investment by Celgene. Celgene can extend the collaboration by making further payments. Agios is based in Cambridge, Mass., and Celgene is headquartered in Summit, N.J.
Celgene's products include the blood cancer drugs Revlimid and Thalomid, and the breast cancer drug Abraxane. Its shares rose $1 to $62.31 in morning trading.
Posted: October 2011