In addition, Skyhawk also received $40 million through an equity investment funding which included strategic collaborators like Celgene, major family investors, and leading venture funds. So far, the company has generated a capital of $100 million and it plans to use this amount for developing drugs that treat neurology, oncology and immunology patients. Skyhawk expects its first cancer drug to be ready by 2019-end.
Related: Celgene posts upbeat Q1 results
In June 2017, Celgene entered into a similar kind of deal with Dragonfly Therapeutics, a start-up firm which was founded by Tyler Jacks, William Haney, and David Raulet. Celgene agreed to pay $33 million as an upfront payment to Dragonfly for co-developing blood cancer drugs. So, this is the second time that William Haney is collaborating with the Summit, New Jersey-based company.
“Through our new strategic alliance and investment round, the company is well positioned and capitalized to advance both our partnered programs in neurology and internal programs that currently focus on a set of RNA splicing-driven cancer indications,” said William Haney, CEO, Skyhawk.
Related: Celgene plunges to a new 52-week low
The troubled drugmaker’s stock hit a new 52-week low in May and it had suffered a 25% slump year-to-date while registering a 41% drop in the past one year. Celgene’s shares inched down 0.3% in today’s regular trading session.