Pharmion Corporation (PHRM) CEO Will Stay in Colo., Start Another Biotech
11/21/2007 12:53:45 AM
Inking a deal to sell Pharmion Corp. for $2.9 billion hasn't cured the biotechnology entrepreneurial bug of company co-founder and CEO Pat Mahaffy.
Summit, New Jersey-based Celgene Corp. agreed to buy the seven-year-old Boulder biotech for a combination of stock and $25 cash per-share reaching a total of $72 a share, a 46 percent premium over Pharmion's trading price (NASDAQ: PHRM) prior to the weekend announcement. Celgene (NASDAQ: CELG) already owns 6 percent of Pharmion's stock.
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