Celgene invests in Triphase drug, may buy in $1 bln-plus deal

Triphase Accelerator, a Toronto-based drug development company, has entered into a partnership with Celgene Corp to advance a pre-clinical therapeutic developed to treat leukemia and other blood cancers. As part of the deal, Celgene has the option to acquire the drug TRPH-395 from Triphase. Celgene agreed to pay US$40 million ($53 million) upfront and, upon exercise of the option, pay up to US$940 million ($1.2 billion) in contingent development, regulatory and sales milestones. Additional payments are also possible. MaRS Innovation co-founded Triphase in 2010 in partnership with the Ontario Institute for Cancer Research/Fight Against Cancer Innovation Trust and MaRS Discovery District.