Abide Therapeutics in deal with Celgene on immune disorders research

3 March 2014

Privately-held Abide Therapeutics has entered into a strategic collaboration with US biotech firm Celgene (Nasdaq: CELG) to discover and develop new drugs in inflammation and immunology.

Abide has pioneered innovative technologies to selectively target serine hydrolases, one of the largest enzyme families involved in regulating human physiology.

Under the terms of the deal, Abide said it has received $50 million upfront from Celgene. In addition, the La Jolla-based company received an additional $10 million investment from Cardinal Partners, bringing the total to $60 million. Abide can earn additional payments if Celgene exercises its option to license the rest of the world rights on the first two products that reach the clinic.

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