Celgene Corporation (NASDAQ: CELG) today announced it has completed its acquisition of Avila Therapeutics. Celgene acquired Avila Therapeutics for $350 million in cash, plus up to $575 million contingent upon certain milestones related to AVL-292 and candidates from Avila's discovery program.
The transaction provides Celgene with a highly-selective Bruton's tyrosine kinase inhibitor, currently in phase I clinical development, as well as a unique discovery platform, Avilomics™, for developing targeted covalent drugs that treat diseases through protein silencing.
"The Avilomics research team brings to Celgene an exciting clinical candidate in AVL-292, along with a dynamic platform of protein silencing that has tremendous potential," said Tom Daniel, M.D., EVP, President of Research and Early Development for Celgene. "We welcome our new colleagues and look forward to the impact that the combined organization will have on the lives of patients receiving our drugs."
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