November 20, 2007 (New York, NY) - Proskauer Rose LLP, an international law firm with more than 750 lawyers worldwide, has represented longtime client Celgene Corporation in its agreement to acquire Pharmion Corporation for $2.9 billion.

Under the terms of the agreement, Celgene will acquire all of the outstanding shares of Pharmion common stock for $72.00 per share payable in a combination of cash and shares of Celgene common stock.

Celgene is a global biopharmaceutical company engaged in the discovery, development and commercialization of innovative therapies for cancer and immune-inflammatory related diseases. Proskauer has represented Celgene since its incorporation in 1986, including in its $1.032 billion common stock offering in November 2006.

Pharmion is a global drug development company that focuses on hematological and solid tumor cancer drugs. The acquisition of Pharmion furthers Celgene's strategy to become a global leader in the hematology/oncology field.

The Proskauer team involved in the transaction included: Robert Cantone, Henry Smith, Julian Gomez, and Peter Chae, (Corporate); Sol Warhaftig (Tax); John Isacson (Intellectual Property); Andrea Rattner and Howard Klein (Benefits); Gail Port and Yelena Simonyuk (Environmental); and Ellen Moskowitz and Harris Danow (Health Care).

Proskauer's Corporate Department consists of over 200 lawyers worldwide counseling clients in the full range of sophisticated financial transactions and daily business and regulatory matters including mergers & acquisitions, capital markets, private equity, finance, and bankruptcy. The firm's transactional practice includes: public and private mergers and acquisitions; public securities offerings, including IPOs; private equity fund transactions, including formation of private equity funds and leveraged buyout funds, and investments by institutional and private investors; private placement of securities and private financing; and leveraged buyouts and structured finance.