Monday, March 10, 2008

Pharmion: The Deal is Done!

You know a deal is done when one goes to the website and the Celgene (NASDAQ: CELG) site pulls up. Last Thursday Pharmion shareholders approved the acquisition and by Friday it was signed, sealed and delivered…$2.9B later or $25 in cash plus 0.8367 shares of Celgene for each share of Pharmion.

Congratulations to both teams for getting the deal done and so quickly. Celgene management will announce financial guidance relative to the acquisition and provide an update on initiation of the global integration strategy on 8 May.

IMHO this deal bodes potentially extremely well for the community if it follows along the continually evolving story of the Myogen-Gilead (NASDAQ: GILD) deal where there has been i) an infusion of cash into the ecosystem and ii) an incredible infusion of talent into the ecosystem. Already start-ups are springing up along the Front Range headed by former Myogen management. Let's hope that we see the same pattern emerge from the folks at Pharmion.

***NOTE*** Take a look at the new Boulder Biotech Company Tree (HERE)!
***NOTE*** Read the new eBook CLSDF 2007 - What's In A Year? (HERE)!

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