Celgene Corp. (CELG) announced a definitive merger agreement under which Celgene will acquire privately-held Avila Therapeutics, Inc.
Under the terms of the merger agreement, Celgene will acquire Avila Therapeutics for $350 million in cash, plus up to $195 million for milestones contingent upon the development and regulatory approval of AVL-292, as well as up to $380 million in potential milestone payments contingent upon the development and approval of candidates generated from the Avilomics platform. The acquisition of Avila Therapeutics, Inc. will be accounted for as a purchase transaction.
The company anticipates the acquisition will be neutral to 2012 non-GAAP earnings guidance.
Celgene expects to be complete the deal during the first quarter of 2012.
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