A Silicon Valley team from Latham & Watkins helped Redwood City’s OncoMed Pharmaceuticals Inc. ink a $177 million product development agreement with New Jersey–based Celgene Corp.
The two biotech companies will develop and commercialize up to six anticancer stem cell product candidates from OncoMed’s biologics pipeline. Celgene will shell out $155 million as an up-front payment in addition to making a $22.25 million equity investment in OncoMed. The agreement also includes a number of potential milestone payments. All told, OncoMed could earn more than $3 billion in exercise options.
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