Celgene (NASDAQ: CELG) has kicked off J.P. Morgan week-the annual healthcare investment gathering in San Francisco-with a blockbuster deal, acquiring privately-held Impact Biomedicines for $1.1 billion upfront in cash. More is in the offing if Impact’s drug fedratinib passes a series of regulatory and sales hurdles.
The deal rewards the determination of San Diego scientist John Hood (pictured), who helped bring fedratinib forward in the previous decade, only to see the FDA halt clinical testing due to safety problems when the drug was in the hands of Sanofi (NYSE: ticker:SNY]]). As Impact CEO, Hood raised more than $100 million to… Read more »
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