Celgene, Pharmion combine

By Lisa Kerner

Charlotte, N.C., March 7 - Celgene Corp. completed its $2.9 billion acquisition of Pharmion Corp. to create what it said is a global leader in hematology and oncology.

As a result, Pharmion's shares were delisted from Nasdaq and ceased trading at the close of business on Friday.

Under the merger agreement, Pharmion shareholders will receive $25 in cash and 0.8367 Celgene shares, or total consideration of some $72 per Pharmion share.

As previously reported, the transaction brings together the medical therapies Revlimid, Thalomid and Vidaza. The companies expect these products to generate multiple global revenue streams for accelerated financial growth as they move into nearly 100 countries over the next five years.

Pharmion is an oncology company based in Boulder, Colo.

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

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