Celgene antes up $195M more to stay close to Forma, adding neurodegeneration focus
Whatever Celgene $CELG learned during its lengthy collaboration with Forma Therapeutics must have been promising. The big biotech is doubling down on Forma, extending its pact and picking up an option to broaden the scope of their research work, with Forma adding new drugs focused on protein homeostasis, inflammation/immunology and neurodegeneration.
Celgene is paying Forma $195 million upfront for the extended relationship, handing Celgene ex-US rights on drug candidates through October 1, 2019.
One of the key things that stands out in this deal is Celgene’s growing interest in neurodegeneration. The biotech has been steadily adding to its research and discovery efforts in neurosciences as it journeys beyond its mainstay efforts in cancer and inflammation/immunology.
Celgene — which is retaining an option on buying out the company completely — paid Forma $225 million to get things underway in 2014.
“Our continued collaboration with Forma is based upon the quality of their drug candidates, their adaptability to enter new emerging areas of biology, and their leadership in fostering a collaborative culture at the forefront of innovation,” said Rupert Vessey, Celgene’s president of research and early development.