Wednesday, 30 June 2010 at 12:45, Reuters, Paris
Sanofi-Aventis is to buy US biotech TargeGen Inc., which is developing treatments against blood diseases, for as much as $560 million as part of the French drugmaker's drive to boost its cancer treatments.
At the closing of the takeover, expected in the third quarter, Sanofi will pay $75m and the rest will follow depending on the development of TargeGen's main product TG 101348 which aims to treat a chronic bone marrow disorder. Privately held TargeGen, based in San Diego, develops small molecule kinase inhibitors for the treatment of certain forms of leukemia, lymphoma and other haematological malignancies and blood disorders.
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