Celgene Corp is expected to announce Monday that it is acquiring Impact Biomedicines for as much as $7 billion, the Wall Street Journal reported.

Sources tell the publication that the potential deal could involve an upfront payment of $1 billion for the privately held California-based company. Subsequent components of the deal would depend on approval from the Food and Drug Administration and successful acceptance in the market, according to the publication.

Celgene and Impact Biomedicines did not immediately respond to requests for comment.

Celgene is bio-technology company based in Summit, New Jersey, that specializes in treatments for multiple myeloma. Impact Biomedicines focuses on treatments for patients with related cancers that are classified as myeloproliferative neoplasms, according to the company's website.