Little Dragonfly bursts onto the I/O scene with a $33M Celgene deal and some of the biggest names in biotech
For a little biotech that’s been keeping a very low profile, Dragonfly has some very big names behind it. This morning, it also has a big partner you definitely have heard of — Celgene — stepping in with a sizable preclinical upfront for a deal that will certainly put this group on the industry map as one to watch.
Celgene is fronting a 5-year collaboration pact with a $33 million payment to Cambridge, MA-based Dragonfly Therapeutics. Milestones? I’m assuming they’re plentiful, given the early stage of the deal, but no one wants to say right now. And that’s the way this biotech rolls, as we saw just weeks ago when Celgene jumped in to a syndicate to back an unspecified round for this upstart — demonstrating the big biotech’s appetite for a piece of the equity in the companies it partners with.
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