OncoMed and Celgene to jointly develop six cancer drugs

(Reuters) - OncoMed Pharmaceuticals Inc said Celgene Corp would develop and market six of its anti-cancer stem cell experimental drugs for an upfront payment of $155 million. OncoMed's stock rose 68 percent to $23.50 in premarket trading on Tuesday. OncoMed is eligible to receive up to $3 billion in option and milestone payments if Celgene's option to license worldwide rights is exercised and approved, the companies said in a statement. Celgene will also buy about $22.25 million of OncoMed's common stock for $15.13 per share, an 8 percent premium to OncoMed's closing on Monday.



via Health News Headlines - Yahoo! News http://news.yahoo.com/oncomed-celgene-jointly-develop-six-cancer-drugs-131540256--finance.html