Pharmion Corporation CEO Will Stay in Colo., Start Another Biotech

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.