Celgene pays $50M to tie up with four big cancer research centers
The top research institutions have played a leading role in the development of a full slate of new cancer therapies in recent years. And now Celgene has forked out $50 million to set up a consortium that will bring together some of those institutions’ top investigators together for the Big Biotech’s work in the field.
Celgene handed out $12.5 million each to the Abramson Cancer Center at the University of Pennsylvania, The Herbert Irving Comprehensive Cancer Center at Columbia University Medical Center, the Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins, and The Tisch Cancer Institute at the Icahn School of Medicine at Mount Sinai to create the group.
Now their scientists — collectively the institutions employ about 800 faculty — will be tasked with coming up with new drug programs for Celgene, which will have an opt-in position on whatever comes its way.
Celgene Executive Chairman Bob Hugin, who has seeded one of the busiest business development teams in biopharma, called it a “paradigm shifting” enterprise.
The goal here will be to license in the best programs for development, says Celgene, with pacts that could each be worth potentially hundreds of millions of dollars. Each of the four institutions are NCI-designated cancer centers.