Celgene Corp. and Juno Therapeutics announced a collaboration for the development and commercialization of immunotherapies. The two companies will leverage T cell therapeutic strategies to develop treatments for patients with cancer and autoimmune diseases with an initial focus on Chimeric Antigen Receptor Technology (CAR-T) and T Cell Receptor (TCR) technologies, according to a press release.
"This transaction strengthens Celgene's position in the emerging and transformative area of immuno-oncology," said Bob Hugin, Chairman and CEO of Celgene. "Juno has assembled world-class experts and built impressive capabilities and technologies in the areas of T cell biology and cellular therapy; we believe this long-term collaboration enhances the potential of both companies to deliver transformational therapies to patients with significant unmet medical needs."
"Celgene is the ideal partner for Juno to help us realize the full potential of our science and clinical research while maintaining the independence we, our employees, partners, and investors believe is so critical for true innovation," said Hans Bishop, CEO of Juno.
The parties will share global costs and profits with 70% allocated to Celgene and 30% allocated to Juno; and Celgene will lead global development and commercialization, subject to a Juno co-promote option in the US and certain EU territories, the release said. Upon closing, Juno will receive an upfront payment of approximately $150 million, and in addition Celgene will purchase 9,137,672 shares of Juno's common stock at $93.00 per share.
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