Celgene Corp. is nearing a deal to buy cancer biotechnology concern Impact Biomedicines for as much as $7 billion, according to people familiar with the matter.
The potential deal, which could be announced Monday, calls for Celgene to buy the San Diego company in three stages, the people said.
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First there would be an upfront payment of about $1 billion, with the next two stages dependent on approvals from the Food and Drug Administration and successful commercialization, the people said.
Celgene, based in Summit, N.J., is one of the biggest U.S. biotech companies, specializing in a form of cancer known as multiple myeloma.
Dana Mattioli contributed to this article.
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(END) Dow Jones Newswires
January 07, 2018 14:47 ET (19:47 GMT)