Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Sanofi-aventis has entered into an agreement to acquire TargeGen, a US-based biopharmaceutical company developing small molecule kinase inhibitors, for the development of TargeGen's drug TG 101348.
Subscribe to our email newsletter
TG 101348, an oral agent, is a potent inhibitor of Janus kinase 2 (JAK-2), developed for the treatment of patients with myeloproliferative diseases including myelofibrosis (MF).
TargeGen said that TG 101348 has 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.
As per the agreement, Sanofi-aventis is expected to make an upfront payment of $75m, to TargeGen, upon closing of the transaction. Remaining milestones payments are expected to occur at different stages of development of TG 101348.
Sanofi-aventis and TargeGen said that the total amount of all payments for the acquisition is expected to be upto $560m. The closing of the transaction is expected to occur in the third quarter of 2010 and is subject to customary consent conditions.
Peter Ulrich, president, CEO and co-founder of TargeGen, said: “With their focus on oncology, we are confident they will maximise the potential of TG101348 across multiple clinical indications.”
Marc Cluzel, executive vice-president of research and development at Sanofi-aventis, said: “The acquisition of TargeGen represents a step further to increase our engagement in the field of hematological malignancies.”