Presage Biosciences, a US-based developer of drugs for cancers in animals, has sold a minority stake worth $8m to peer Celgene.

Celgene is also investing an initial $5m to help pay for Presage’s clinical trials with more available if performance targets are hit.

Thomas Daniel, president of research and early development at Celgene, said: “Drug development is currently challenged by heavy reliance on in vitro test systems and animal xenografts of little relevance to individual patients.

“The Presage platform addresses…

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.

Not sure if you have a subscription?