Celgene Buying Gloucester Pharma For Up To $640 Million

Celgene Corp. (Nasdaq: CELG) has agreed to acquire Gloucester Pharmaceuticals, a Cambridge, Mass.-based developer of oncology drugs. The deal is valued at up to $640 million, including a $340 million up-front cash payment and up to $300 million in earn-outs. Gloucester Pharma had raised over $130 million in VC funding, from firms like Apple Tree Partners, Novo AS, ProQuest Investments, Prospect Venture Partners and Rho Ventures.

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