COR-Sanofi-Aventis Acquires U.S. TargeGen
Sanofi-Aventis said on Wednesday the acquisition of American TargeGen for some 560 million dollars (458.5 million euros), an operation aimed at strengthening the group's positions in oncology pharmaceuticals.
TargeGen, private biopharmaceutical company, specializes in the development of small molecules for the treatment of certain forms of leukemia, lymphoma and other blood diseases.
"This acquisition demonstrates once again our deep involvement in the field of oncology to provide patients, physicians and payors of innovative therapeutic solutions in response to the needs still unfilled," said Marc Cluzel, Vice-President Executive research and development at Sanofi-Aventis said in a statement.
The closing of the transaction should take place during the third quarter of 2010.
Under the terms of the agreement, Sanofi-Aventis will make milestone payments at various stages of development of TG101348, the main product of TargeGen.
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