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Celgene to buy Pharmion for $2.9 billion

NEW YORK
Sun Nov 18, 2007 6:28pm EST

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NEW YORK (Reuters) - Biotechnology company Celgene Corp (CELG.O) has agreed to buy Pharmion Corp PHRM.O for about $2.9 billion in stock and cash to boost Celgene's push into the oncology field, the two companies said on Sunday.

Stocks  |  Mergers & Acquisitions

Under the terms of the deal, Celgene will acquire all the outstanding shares of Pharmion common stock for $72 per share, payable in a combination of cash and Celgene common stock. The deal is expected to close in the second quarter and be slightly dilutive to earnings in 2008 and accretive in 2009 and beyond.

(Reporting by Michael Flaherty; Editing by Braden Reddall)
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