Celgene (NASDAQ:CELG) has agreed to a strategic discovery deal with a company that is developing antibodies to combat multiple diseases in Celgene’s latest move to diversify its portfolio.
AnaptysBio uses a proprietary platform that replicates key features of the human immune system and overcomes limitations of prior antibody technologies. The San Diego, California-based company’s product pipeline includes three therapeutics: a treatment for autoimmune disease, one for muscle wasting disorders and another for cancer immunotherapy.
Under the term of the deal, Summit, New Jersey-based Celgene will receive worldwide rights to develop and commercialize these therapeutics. In addition to an up-front payment, AnaptysBio will also receive milestone payments and royalties upon sales of each product derived from the partnership.
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Celgene has been bolstering its product portfolio with strategic partnerships and acquisitions. Earlier this year, Celgene acquired Avila Therapauetics to bolster its hematologic cancer treatments in a deal valued at up to $925 million. Last month, it made a $15 million investment in Acetylon Pharmaceuticals, a company that uses histone deacetylase inhibitors to develop small molecule cancer treatments. The investment was made to give the company closer access to the firm for potential future collaborations.
