Cephalon is buying cancer drugs firm Gemin X Pharmaceuticals for $225 million in cash. Shareholders in the acquired firm could receive another $300 million in cash payments dependent on future regulatory and sales milestones.
“Gemin X and our investors have been very excited by the promise and potential of our obatoclax program in patients with extensive stage small cell lung cancer, a condition for which there has been no change in the standard of care for 25 years,” notes Peter R. Dolan, chairman and CEO at Gemin X. “This acquisition not only returns value to Gemin X’s shareholders, but most importantly it enables the rapid and efficient advancement of an innovative program in an indication where cancer patients desperately need safe and effective treatments.”