SAC sells more shares of Pharmion

By Lisa Kerner

Charlotte, N.C., March 5 - SAC Capital Advisors, LLC reduced its stake in Pharmion Corp. to 2.96% from 6%.

The investors sold 1,131,820 shares of the company's stock between Feb. 29 and March 4 priced from $71.44 to $72.42 per share.

SAC Capital and its affiliates beneficially own 1,103,500 shares of Pharmion's stock, according to a schedule 13D filing with the Securities and Exchange Commission.

On Feb. 26, SAC Capital said it believes Celgene Corp. should increase its merger consideration for Pharmion and pushed to delay the shareholder vote on the deal.

Pharmion shareholders are set to vote on March 6, it was previously reported.

In November, Celgene agreed to acquire Pharmion for $72.00 per share in a cash and stock transaction valued at $2.9 billion.

Pharmion shareholders would receive $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.

Pharmion is a Boulder, Colo., oncology company.

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