EntreMed entered into licensing agreement with Celgene. The deal could be worth up to US$27 M and provides Celgene with the rights to EntreMed’s thalidomide analogue program. The deal also includes EntreMed’s products - ENMD 0995 and ENMD 0997 that signals the end of litigation proceedings between the two companies concerning a patent dispute over ENMD 0995. This article examines the circumstances surrounding the agreement, the nature of the technology and implications of the deal to each of the parties involved.