Celgene buys Pharmion for $2.6bn in cash and stock

Hematology and oncology immunotherapeutics company Celgene has agreed to purchase Pharmion (cancer treatments) for $2.7bn in cash and stock ($2.6bn net transaction value after subtracting Pharmion's net cash, according to the M&A conference call). Celgene will pay $25 in cash and, based on the current stock prices, $47 in its own stock, for each of Pharmion's outstanding shares; the exact share ratio will be determined when the deal closes. The total $72 per share price is a 45% premium to Pharmion's preannouncement market average.