Celgene (CELG) Said to Acquire Swiss Biotech in $600M Deal

September 30, 2016 11:06 AM EDT

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Celgene (Nasdaq: CELG) said to acquire Swiss biotech EngMab in a deal valued at $600 million, according to Endpoints News. The site said it confirmed the deal with a Celgene rep.

The deal would add a BMCA-targeting multiple myeloma program pipeline into Celgene's coffers.

The Celgene rep was said to comment: B-cell maturation antigen (BCMA) is highly and selectively expressed on the surface of malignant plasma cells in MM and target of high value for immune based therapies such as re-engineered autologous T-CAR-T and the re-direction of CD4+ and CD8+ T lymphocytes via anti-CD3 bi-specific antibodies.

Shares of Celgene are up 1.5 percent Friday mroning

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