Pharmaceutical corporation Celgene has paid $350m upfront to acquire biopharma company Avila Therapeutics, with Novartis in line for an exit.
Celgene signed an agreement on Thursday to acquire US-based biotechnology company Avila Therapeutics for a figure that could potentially rise to $925m.
Avila closed a $30m series B round in July 2009, from participants including Novartis Option Fund, a venture fund operated by pharmaceutical corporation Novartis, as well as investment firm Abingworth, and venture capital firms Advent Venture Partners, Atlas Venture and Polaris Venture Partners.
The latter four firms previously backed an $11.3m series A round for Avila in…
