Date: Jul 29, 2013 Author: Gillis Bernard Source: Boston Business Journal (
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Boston-based Acetylon Pharmaceuticals, a developer of small-molecule cancer drugs, announced Monday a $100 million investment from biotech giant Celgene Corp. that could lead to a $1.6 billion buyout in the future, according to the Boston Globe.
Acetylon intends to use the money for the research and testing of ACY-1215, a potential myeloma-fighting cancer drug, as well as three other cancer treatments. The investment was prompted by the release of a promising research report on ACY-1215 drug, reports the Globe. The $100 million investment also gives Summit, NJ.-based Celgene an exclusive option to acquire Acetylon later on down the road for between $500 million and $1.6 billion.
Celgene has been upping its New England presence over the last two years. This new investment adds to Celgene's $15 million equity stake in Acetylon, which it took back in 2012. Celgene has landed eight deals with with Boston-based biotech companies since 2011.