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ccPixs.com / Flickr Creative Commons

Celgene on Monday said that it has agreed to acquire cancer drug startup Impact Biomedicines for upwards of $7 billion.

Why it matters: Because this is a silly stupendous return on investment for Medicxi Ventures, which was the sole participant in Impact's $22.5 million Series A funding round.

That deal was done just over a year ago, according to Medicxi's Kevin Johnson, even though the press release was held until last October. Johnson says that his firm's binary investment thesis was that the FDA would remove its 2013 clinical trial hold on a Sanifi cast-off candidate called fedratinib and that a sale would shortly follow.

"It was a gamble on our part and it worked," Johnson tells Axios.

Deal details: The $7 billion includes $1.1 billion cash upfront and several types of earn-outs.

D.C. angle: Celgene executive chairman Bob Hugin is considering a U.S. Senate run in New Jersey, per Politico.

Bottom line: "Impact has been developing fedratinib to treat bone-marrow disorders known as myelofibrosis and polycythemia vera that affect blood-cell production in tens of thousands of patients. If approved, fedratinib would challenge a blood-disease drug from Incyte Corp. called Jakafi. Both drugs try to stop an enzyme that plays a key role in producing blood cells and driving the diseases." — WSJ

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  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
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Dan Primack, author of Pro Rata
Updated 7 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

Ina Fried, author of Login
9 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.