Celgene makes $15 million investment in Acetylon

US biotech Celgene (Nasdaq: CELG) will invest a total of $15 million in Acetylon Pharmaceuticals via the purchase of Series B-2 Preferred Stock. Mark Alles, Celgene’s chief commercial officer, will serve as a non-voting observer to the Acetylon board of directors. However, Celgene does not receive rights or options to Acetylon technology under the terms of the equity purchase agreements.

“Our investment in Acetylon Pharmaceuticals reflects our continuing commitment to help patients with hematologic malignancies to gain access to disease-altering therapies that improve the lives of patients worldwide,” stated Mr. Alles, noting that “Acetylon has established itself as the leader in developing next generation, selective HDAC inhibitors for cancers as well as non-cancer disease indications and we believe the company’s approach could significantly benefit patients.”

“Celgene is a leader in developing and delivering transformational therapies for the treatment of blood cancers, and their investment in Acetylon further validates the rapid progress and therapeutic promise of our selective HDAC inhibitor drug development programs,” commented Walter Ogier, president and chief executive of Acetylon.