Press Release January 27, 2017

Autoimmune Startup Delinia To Be Acquired by Celgene for $300 Million Upfront, and $475 Million in Milestones

Biotechnology company Delinia has entered into an agreement to be acquired by Celgene, which plans to expand its own inflammation and immunology pipeline with Delinia's lead preclinical-stage regulatory T cell therapy. Goodwin represented Delinia in the transaction.

Under the terms of the agreement, Celgene will make an initial payment of $300 million. Delinia shareholders will be eligible to receive up to an additional $475 million in contingent payments upon achievement of certain development, regulatory and commercial milestones. The transaction is anticipated to close in the first quarter of 2017.

The Goodwin team was led by partners Kingsley Taft and Maggie Wong, and associates Margaret Steere and Erini Svokos, with assistance from partners Daniel Karelitz, Jennifer Fay, Steve Feldstein and Ali Murata, counsel Todd Hahn and associate Jeff Cheng.

For additional details on the transaction, please read the press release.