Celgene has made a $2.9 billion bid to buy all outstanding shares of Pharmion, an acquisition that will add significantly to Celgene's drug portfolio and long-term viability. However, although Pharmion has agreed to sell for this price, investors of Pharmion worry that this price is too low.
Celgene's bid to acquire Pharmion has been cleared and the deal is scheduled to take place in April 2008. The acquisition of Pharmion will allow Celgene to incorporate the drug Vidaza into its existing multiple myeloma drug portfolio and increase market share.
