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Date: 2010-06-30
Acquiring pharma company: Sanofi-Aventis (France)
Acquired biotech company: TargeGen (USA)
Amount: Under the terms of the agreement, Sanofi-Aventis will make an upfront payment of $ 75 million upon closing of the transaction. Further milestones payments will occur at different stages of development of TargeGen lead product TG 101348. The total amount of all payments, including the upfront payment, could reach $ 560 million.
Terms of the agreement: Sanofi-aventis has signed an agreement for the acquisition of the US biopharmaceutical company TargeGen developing small molecule kinase inhibitors for the treatment of certain forms of leukemia, lymphoma and other hematological malignancies and blood disorders.
One of TargeGen's most advanced product is TG 101348, an inhibitor of Janus kinase 2 (JAK-2). This oral agent is being developed for the treatment of patients with myeloproliferative diseases including myelofibrosis. It has as completed a multicenter clinical Phase 1/2 trial in patients with myelofibrosis. Additional clinical studies are planned to start in the second half of 2010.
In addition to TG 101348, the company also has additional tyrosine kinases in pre-clinical development.
Other: The closing of the transaction is expected to occur in the 3rd quarter of 2010 and is subject to customary consent conditions.