Celgene aims to be top blood cancer company

By Toni Clarke

BOSTON (Reuters) - Celgene Corp. (CELG.O: Quote, Profile, Research, Stock Buzz) said it expects to become one of the world's top oncology companies within five years, fueled by sales of its drugs to treat multiple myeloma and other blood malignancies.

Celgene has moved up the ranks to become the 6th largest biotechnology company based on a market capitalization of $12 billion, and it shows no sign of slowing down.

Last year the company's stock rose about 144 percent, compared to a 25 percent rise in the American Stock Exchange Biotechnology Index.

Such growth can pose difficulties, said Sol Barer, the company's chief operating officer, at the Reuters Biotechnology Summit in Boston on Thursday.

"One of the big challenges now is how to manage our growth and at the same time maintain our unique culture," he said.

The 20-year-old company became profitable just three years ago as it honed the development and marketing of its cancer drug Thalomid, which has become the leading treatment for multiple myeloma.

A successor to Thalomid, called Revlimid, could be approved to treat multiple myeloma as early as June in the United States if regulators give it a priority review.

"There is no question, our vision is to become a major global biopharmaceutical company with unique therapies," said Barer, who has been a member of Celgene's leadership team since the beginning and takes over as chief executive on May 1st.  Continued...