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Celgene Closer to Closing Pharmion Deal

March 13, 2008

Pharmion’s shareholders have approved its acquisition by Celgene after the companies signed a definitive merger agreement last November.

Under the agreement, Celgene bought Pharmion for $2.9 billion. U.S. and German regulators did not object to the deal.

Celgene had $1.4 billion in total revenues in 2007, driven in large part by sales of the cancer drug Revlimid (lenalidomide), which took in $773.9 million. Sales of another cancer drug, Thalomid (thalidomide), also were strong, bringing in $447.1 million, according to the company.

Pharmion had 2007 sales of $267.3 million, mostly from Vidaza (azacitidine for injection), a treatment for higher-risk myelodysplastic syndromes. Its sales totaled $165.3 million compared with $142.2 million in 2006.