SAC Capital boosts stake in Pharmion

By Lisa Kerner

Charlotte, N.C., Jan. 15 - Investors led by SAC Capital Advisors, LLC purchased 399,700 additional shares of Pharmion Corp. stock, increasing their stake in the company to 8.3% from 7.1%.

The shares were purchased between Jan. 7 and Jan. 11, priced from $65.06 to $68.82 each, according to a schedule 13D filing with the Securities and Exchange Commission.

SAC and the other reporting persons beneficially own 3.07 million shares of the Boulder, Colo., oncology company.

On Nov. 19, it was announced that Celgene Corp. agreed to acquire Pharmion for $72.00 per share in a cash and stock transaction valued at $2.9 billion.

As previously reported, under the merger agreement, each share of Pharmion common stock will be exchanged for $25.00 in cash plus shares of Celgene common stock in an amount to be determined by an exchange ratio.

Celgene is a Summit, N.J., biopharmaceutical company.

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