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Pharmion's Euro Bet Pays Off

Executive Summary

Celgene's $2.9 billion cash and stock offer for Pharmion proves that Pharmion's decision to tackle Europe--not a popular choice among US-based spec pharma--has paid off handsomely. Pharmion is Celgene's European partner on Thalomid; now Celgene gets 100% of the drug's economics right before launch. The deal may have come as a surprise to Wall Street, but it makes sense.

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