SAC Capital reports 7.1% stake in Pharmion

By Lisa Kerner

Charlotte, N.C., Dec. 26 - Investors led by SAC Capital Advisors, LLC purchased 2,675,000 shares of Pharmion Corp. at an average share price of $61.36.

The shares were acquired in a series of transactions between Oct. 19 and Dec. 21, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons have a 7.1% stake in 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.

The transaction is slated to close in the second quarter of 2008.

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

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