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Celgene to buy Impact Biomedicines for up to $7 billion

Reuters  |  NEW YORK 

(Reuters) - U.S. firm Corp said on Sunday that it had agreed to acquire for as much as $7 billion, subject to certain milestones associated with regulatory hurdles and sales performance.

is interested in Impact Biomedicines' fedratinib, a kinase inhibitor that has shown promise as a potential called myelofibrosis, according to a statement put out jointly by both companies.

"is a with high unmet medical need as the number of patients who are ineligible for or become resistant to existing therapy continues to increase," said Nadim Ahmed, Celgene's of hematology and oncology.

"(Fedratinib) provides strategic options for us to build leadership in this "

The deal is structured in three parts, with paying $1.1 billion in cash upfront for the San Diego-based company.

will pay an additional $1.4 billion, depending on the receipt of milestone approvals.

Finally, will make payments depending on sales, with a maximum of $4.5 billion due if annual net sales of Impact's treatments exceed $5 billion.

is a company based in Summit, New Jersey, that specializes in treatments for

(Reporting by Elizabeth Dilts; Editing by and Rosalba O'Brien)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 08 2018. 08:57 IST