Dechert Represents Celgene in US$1 Billion Agreement with Juno Therapeutics

Celgene Corporation, an integrated global biopharmaceutical company, and Juno Therapeutics, Inc., a clinical-stage company developing novel cellular immunotherapies, announced today a ten-year collaboration for the development and commercialization of immunotherapies. The two companies will leverage T cell therapeutic strategies to develop treatments for patients with cancer and autoimmune diseases with an initial focus on Chimeric Antigen Receptor Technology and T Cell Receptor technologies.

Under the terms of the collaboration, Celgene gains the option to globally co-commercialize certain oncology and cell therapy auto-immune programs as well as commercialize co-developed Juno programs outside of North America, of which Juno will pay a royalty on sales. Furthermore, Juno will be responsible for commercialization of co-developed Celgene programs within North America and retain rights in those territories. Upon closing, Celgene will make an initial payment of approximately US$1 billion which includes the purchase of 9.1 million shares of Juno stock valued at US$93 per share, with a potential to increase its stake over time.

Advising Celgene in this transaction were Dechert LLP corporate partners David Schulman and Tony Chan. The team also included partners Thomas Rayski (IP), Michael Hirschfeld (tax) and Gorav Jindal (antitrust); and associates, Katherine Miller (corporate), Craig Falls (antitrust) and Jay Buchman (tax).

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