Celgene Completes $2.9 Billion Acquisition of Pharmion

Celgene Corporation (NASDAQ: CELG) today announced it has closed
its $2.9 billion acquisition of Pharmion Corporation. Pharmion
shareholders will receive $25 in cash and 0.8367 Celgene shares for
each share of Pharmion stock owned. Pharmion shares were delisted from
Nasdaq and trading ceased at the close of business on Friday, March 7,
2008.

The transaction brings together three medically meaningful
therapies, Revlimid(R), Thalomid(R) and Vidaza(R), treating patients
worldwide. These products are expected to generate multiple global
revenue streams for accelerated financial growth as we move into
nearly 100 countries over the next five years and beyond.

"By bringing together these two outstanding companies, we are
creating a global leader in hematology/oncology," said Sol J. Barer,
PhD, Chairman and Chief Executive Officer of Celgene Corporation. "We
are now able to serve these patients through three major approved
therapies, with a strong portfolio of hematology and solid tumor
candidates advancing through our pipeline to address future needs. In
addition, we have a number of innovative programs encompassing
therapies for immune/inflammatory disorders, hematological
malignancies and other cancers. We believe our combined capabilities
can maximize the clinical, regulatory and commercial potential of all
of these programs."

Celgene plans to announce its first quarter financial results on
Thursday, May 8 at which time it will also provide updated 2008
financial guidance relative to the acquisition, as well as provide an
update on the initiation of its global integration strategy. As the
Company has stated, it expects the acquisition to be slightly dilutive
to earnings in 2008, accretive in 2009 and materially accretive in
2010 and beyond.

About Celgene

Celgene Corporation, headquartered in Summit, New Jersey, is an
integrated global biopharmaceutical company engaged primarily in the
discovery, development and commercialization of novel therapies for
the treatment of cancer and inflammatory diseases through gene and
protein regulation. For more information, please visit the Company´s
website at www.celgene.com.

This press release contains certain forward-looking statements
which are based on current expectations and involve a number of known
and unknown risks, delays, uncertainties and other factors not under
Celgene´s control, which may cause actual results, performance or
achievements of Celgene to be materially different from the results,
performance or other expectations implied by these forward-looking
statements. These factors include results of current or pending
research and development activities, actions by the FDA and other
regulatory authorities, and those factors detailed in Celgene´s
filings with the Securities and Exchange Commission such as Form 10-K,
10-Q and 8-K reports. Forward-looking statements speak only as of the
date on which they are made, and neither Celgene undertake any
obligation to update publicly or revise any forward-looking
statements.