Celgene provided $30m as part of the deal and secured the right to eventually acquire the biotechnology company, which focuses on cancer and fibrosis.
Canada-based biotechnology company Northern Biologics has signed a strategic collaboration agreement with pharmaceutical firm Celgene that included a $30m upfront payment.
Northern Biologics will use the funding to discover and develop therapeutics antibodies in oncology and fibrosis. The company will be entitled to additional payments from Celgene to advance its portfolio from the preclinical discovery stage to clinical trials.
Celgene gained options through the deal to license drug candidates from Northern Biologics, and to acquire the company once the collaboration…
