Germany Approves Celgene’s Pharmion Acquisition

SUMMIT, N.J. (AP) — Biotech company Celgene Corp. said Monday Germany's Federal Cartel Office has cleared Celgene's pending $2.9 billion acquisition of drug maker Pharmion Corp.

U.S. regulators cleared the deal earlier this month.

In November, Celgene agreed to acquire Pharmion for $72 a share in cash and stock to further its strategy in the hematology/oncology field and bring together three medical therapies — Revlimid, Thalomid and Vidaza — that are expected to accelerate revenue and earnings growth over the next five years.

The deal is expected to close by the second quarter.