Celgene Backs Immunotherapy Company Biond Biologics
Biond develops immunotherapies for cancer and autoimmune diseases
18:0208.01.19
Nasdaq-listed pharmaceutical company Celgene Corporation backed Israeli biotech company Biond Biologics Ltd., the latter announced Tuesday. Celgene participated in a $17 million series B financing round in Biond, which was led by Israel Biotech Fund, and Israeli Insurer Harel Insurance Investments & Financial Services Ltd.
Celgene. Photo: AP
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Founded in 2016, Biond develops immunotherapies for cancer and autoimmune diseases. The company was founded by the scientific team of cCAM Biotherapeutics Ltd., an immuno-oncology company which was acquired by Merck in 2015 for $606 million. In a statement, Biond said it intends to use the funding to move its lead drug candidate, BION-202, into clinical trials.
On Tuesday, Celgene announced that New York-listed bio-pharmaceutical company Bristol-Myers Squibb has agreed to buy it for $74 billion.
Celgene. Photo: AP
