Celgene signs $101m cooperation agreement with Vividion Therapeutics

Vividion Therapeutics has announced today, before trading opened, that it has signed a cooperation agreement with biotech company Celgene. The agreement is aimed at developing novel therapies based on molecules modulating the levels of proteins playing a role in inflammation and/or cancer formation. The study will be funded by Celgene through an upfront $101m payment to Vividion. The payment will entitle Celgene to buy part of Vividion’s shares. Under the terms of the agreement, Celgene will obtain worldwide rights to the best investigational drug developed by Vividion, which however will receive royalties on the revenues yielded by the San Diego-based biotech.

(Source: Vividion)