Friday, May 15, 2009

GlobeImmune Lands $40M Investment from Celgene

Louisville, Colo.-based biotechnology research firm GlobeImmune announced Friday that it has received $40 million from pharmaceutical manufacturer Celgene Corp. According to GlobeImmune, the money represents an equity investment as well as payment for an exclusive option to all of GlobeImmune's oncology programs. GlobeImmune explained that it will continue to develop its immunotherapy product candidates through pre-defined endpoints, at which time Celgene will have the option to obtain an exclusive worldwide license to further develop and commercialize the candidates. GlobeImmune added that, if licensed, it would still be eligible to receive more than $500 million in milestone payments and double-digit royalties based on net sales. Celgene is headquartered in Summit, N.J.