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Wednesday, April 6, 2011
ProMetic Life Sciences Inc., of Montreal, entered an agreement with Celgene Corp., of Summit, N.J., for the worldwide rights to a commercial application of ProMetic's protein technologies. Under the terms, Abraxis BioScience Inc., a wholly owned subsidiary of Celgene, will forgive a $10 million long-term debt from 2010, effectively terminating the loan agreement four years prior to its original term, in return for intellectual property rights to specific commercial application of the technology within restricted fields of use.

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