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Celgene, Sorrento, others invest $250M in placental stem cell company Celularity

Celgene Corp., United Therapeutics Corp. and Sorrento Therapeutics Inc., among others, have invested $250 million in biotech start-up Celularity, which is focused on developing stem cell therapies from placentas.

Other investors include Human Longevity Inc., Genting Group, the Dreyfus Family Office, Section 32 and Heritage Group.

Celularity CEO and Chairman Bob Hariri is the founder and former chairman and CEO of Celgene Cellular Therapeutics, a division of Celgene Corp. Peter Diamandis is co-founder and vice-chairman.

Former U.S. Food and Drug Administration commissioner Andrew von Eschenbach is on the board, along with Bill Maris, founder and former CEO of Google Ventures, and John Sculley, formerly of Apple Inc. and Pepsi-cola. Sorrento CEO and Chairman Henry Ji is also on the board.

Celularity's pipline includes several potential CAR-T therapies for treating cancer using placental stem cells, as well as a phase 3-ready placental stem cell derived Crohn's disease treatment.