Celgene strikes cancer deals with Agios, Northern Biologics

Celgene Corp. (NASDAQ:CELG) licensed its third asset from Agios Pharmaceuticals Inc. (NASDAQ:AGIO), acquiring rights to develop and commercialize AG-881, an inhibitor of mutated isocitrate dehydrogenase 1 (IDH1) and isocitrate dehydrogenase 2 ( IDH2). Agios said it expects a Phase I study of AG-881 to begin this quarter; the company declined to discuss what indication it will pursue, but said preclinical studies of the compound have shown potential in treating glioma.

Agios will receive $10 million up front and is eligible for $70 million in regulatory milestones. The companies will share evenly development costs and global profits. ...