That EngMab buyout? Celgene agreed to pay up to $3B for BCMA-targeting drug

That EngMab buyout deal by Celgene was a little bigger than we first reported at the end of September.

After hearing that Celgene — one of the most muscular dealmakers in biotech — was telling analysts that it had snagged a deal to buy the Swiss biotech, we confirmed the news with a company spokesman, but only got the upfront for our scoop.

The latest quarterly report from Celgene $CELG reveals that the overall buyout deal is much larger in scope. The big biotech paid $625.3 million in cash upfront, added in $155 million in development and regulatory milestones and topped it off with $2.3 billion for commercial milestones based on sales.

Total deal package: $3.08 billion.

The deal added a lead BCMA-targeting multiple myeloma program to the pipeline, building on its CAR-T and CD-3 antibodies with an eye to finding a cure for myeloma and lymphoma.

Celgene is the leader in the multiple myeloma market, dominating the field with Revlimid and Pomalyst while J&J and Bristol-Myers Squibb have jumped in with Darzalex and Empliciti. It also has good reason to go after B-cell maturation antigen, a target that is present at an estimated 60% to 70% of all multiple myeloma cases. The big biotech restructured its deal with bluebird bio $blue last year to go after BCMA.

The best place to read Endpoints News? In your inbox.

Comprehensive daily news report for those who discover, develop, and market drugs. Join 51,100+ biopharma pros who read Endpoints News by email every day.

Free Subscription

VP Oncology Biology
Skyhawk Therapeutics Waltham, MA
Director Process Development
Elektroki Boston, MA
Director Process Development
Elektroki Boston, MA
Research Scientist - Immunology
Recursion Pharmaceuticals Salt Lake City, UT

Visit Endpoints Careers ->