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Celgene Gets Global Oomph From Pharmion Deal

Stock quotes in this article: CELG , PHRM , MLNM , JNJ  

Biotech firm Celgene(CELG Quote) is buying Pharmion(PHRM Quote) in a $2.9 billion cash-and-stock transaction that merges two fast-growing marketers of blood cancer drugs and gives an immediate boost to Celgene's nascent European commercial operations.

Celgene has agreed to pay $72 a share for Pharmion, a 46% premium over the company's closing price Friday. Pharmion shareholders will receive $25 in cash and $47 in Celgene stock, with the exact number of shares to be determined later.

Celgene says the purchase of Pharmion will be dilutive to earnings in 2008, accretive in 2009. ...

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