Novartis throws Cerulean a lifeline with $5M deal; Porges disses Celgene’s GED-0301
Novartis has come along with a company-saving deal to partner with Cerulean $CERU. Blasted by a recent trial failure, the Waltham, MA-based biotech is picking up a $5 million upfront to use its nanoparticle drug conjugate tech with several of Novartis’s drug candidates. The deal also includes potential milestones on up to five targets. Cerulean’s shares blasted up 60%, breaking out of perilous penny stock territory this morning. Cerulean has also struck a deal to sell shares to Aspire Capital Fund under a stock purchase agreement.
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