30 Jul 2013, BioSpectrum Bureau , BioSpectrum
Singapore: Biotech giant Celgene has invested $100 million in Acetylon Pharmaceuticals, a developer of small- molecule cancer drugs. The Boston Globe has reported that this investment could lead to a $1.6 billion buyout in the future.
Acetylon intends to use the money for the research and testing of ACY-1215, a potential myeloma-fighting cancer drug, as well as three other cancer treatments. Celgene has been increasing its New England presence over the past two years. This new investment adds to Celgene's $15 million equity stake in Acetylon, which it took back in 2012.