Celgene CEO: Impact Biomedicines deal will expand market for cancer treatments

Celgene plans to acquire Impact Biomedicines for up to $7 billion, including an upfront cash payment of approximately $1.1 billion.  Driving Celgene’s interest in Impact Biomedicines is its key medication, fedratinib, a potential treatment for myelofibrosis, a type of blood cancer.

Celgene CEO Mark Alles told FOX Business’ Maria Bartiromo on “Mornings with Maria,” “In the setting of Impact Biomedicines, they have a drug called fedratinib. This is an important drug for patients with a cancer called myelofibrosis.”

According to Alles, fedratinib has shown a lot of promise for patients battling the disease.

“It has demonstrated good results in relapse refractory patients, but also in upfront patients. So, this is going to expand the market for patients who basically have one therapeutic choice today and that’s it.”

Alles says the medication also bolsters the company’s hematology research.

“It also bolts into our hematology franchise, which is really the core of Celgene.”