Celgene, Pharmion pass next hurdle toward $2.9 billion merger

SUMMIT, N.J. and BOULDER, Colo. Celgene and Pharmion are closer to their merger after the expiration of the Hart-Scott-Rodino Act, which gave the federal government time to review the merger to review its effect on competition. With the expiration occurring, it means the Federal Trade Commission did not need to review any additional information from the companies.

The companies signed the merger agreement about two months ago under which Celgene would acquire Pharmion for $2.9 billion. Under the agreement, Celgene will acquire the rights to three popular Pharmion oncology drugs: Revlimid, Thalomid, and Vidaza. Thalmoid and Revlimid are used to treat patients with multiple myeloma. Vidaza is used to treat myelodysplastic syndromes.

Celgene previously said the move is part of its strategy to expand in the fields of hematology and oncology, calling Pharmion’s Vidaza a potential “major global therapy.”

Vidaza has demonstrated unprecedented overall survival benefit in a Phase III trial. In the study, Vidaza extended overall survival by 74 percent compared with conventional care regimens.