What is Celgene?
Celgene Corporation (CELG) is a U.S. biotech company that specializes in the discovery, production and marketing of medicines for cancer treatment and inflammatory diseases. The company’s flagship product is Revlimid, a medicine designed to treat myeloma. Apart from Revlimid, Celgene has a portfolio of other products to offer including Vidaza, OTEZLA, ISTODAX and more. Most products developed by the Celgene Corporation consist of ImiDs compounds that boast highly important properties.
In 2017 Celgene was ranked no.254 on the Fortune 500 list of America’s biggest companies. As of 12 April 2018, the company’s market capitalisation was $66.73 billion.
Who are the key people at Celgene?
Mark J. Alles is Chairman and Chief Executive Officer – he has been CEO since March 2016, and added the chairmanship in February 2018. He has been with the company since 2004. Other key figures at Celgene include: Peter N. Kellogg (Executive Vice President and Chief Financial Officer); Nadim Ahmed (President, Hematology & Oncology); and Terrie Curran (President, Inflammation and Immunology).
What is the modern history of Celgene?
Celgene was originally a unit of the Celanese Corporation, but was spun off as an independent company in 1986. Over the years it has made numerous acquisitions, including Signal Pharmaceuticals in 2000, Anthrogenesis in 2002, Pharmion Corporation in 2008, Gloucester Pharmaceuticals in 2009, and Abraxis BioScience in 2010. A merger agreement followed with Avila Therapeutics in 2012, and in 2015 Celgene announced that it would acquire Receptos for $7.2 billion in a move to boost its inflammation and immunology segments.
What are the latest developments at Celgene?
The Celgene share price, which had soared from $50 in January 2013 to $145 in September 2017, crashed 30% in October 2017 after the company pulled the plug on two Crohn's disease studies evaluating a new drug. The share price slide continued as Celgene reported disappointing Q3 financials and cut its 2020 forecast. At the end of 2017 the shares stood at just over $100. To find out how the shares are doing right now, follow Capital.com. Our CELG chart puts all the information at your fingertips.
Celgene’s full year 2017 financial results were more positive. Net product sales were $12.97 billion, a year-on-year increase of 16%; and total revenue for 2017 was $13.00 billion, an increase of 16% on the year before. Full-year GAAP net income for 2017 was $2.94 billion (up from $2.00 billion), and diluted EPS was $3.64 (up from $2.49 in 2016).
In January 2018 Celgene made two further announcements of acquisition plans – Impact Biomedicines for up to $7 billion, and experimental cancer drug maker Juno Therapeutics for $9 billion. Celgene said it expected to fund the Juno transaction through a combination of existing cash and new debt. The deal came as Celgene sought to reduce reliance on its own cancer treatment Revlimid.
Where does Celgene operate?
Celgene is headquartered in Summit, New Jersey, and has research & development facilities across the United States and in Europe. The Drug Discovery & Alliance Development centre in San Diego, California, is the company’s hub for epigenetics and intracellular signalling R&D. And the Celgene Institute for Translational Research Europe in Seville, Spain, is its first dedicated R&D site outside the U.S.
Where is Celgene traded?
Celgene Corp is listed on the NASDAQ stock exchange and is a constituent of the NASDAQ-100, S&P 100 and S&P 500 indices. Check out Capital.com for the latest CELG chart. We’ll keep you up to date and in the picture.