OncoMed, Celgene Strike Cancer Drug Development Deal
Biotech OncoMed (OMED) announced Tuesday that it’s collaborating with Celgene (CELG) to jointly develop and market its anti-cancer stem cell products, sending OncoMed stock up 75% in the stock market today. Celgene agreed to pay OncoMed $155 million up front, with further payments contingent on the products meeting certain clinical, regulatory and commercial milestones. OncoMed said payments for its most developed candidate, demcizumab, could