SAN DIEGO A biotechnology company will be acquired by one of the world's largest drug makers.
Sanofi-Aventis' acquisition of TargeGen is expected to occur in third quarter 2010 for approximately $560 million.
Formed in 2001, TargeGen's most advanced drug candidate is TG101348, an internally discovered, oral, potent and highly selective JAK2 kinase inhibitor being developed for the treatment of patients with myeloproliferative diseases, including primary and secondary myelofibrosis and polycythemia vera. There currently are no approved drugs to treat MF or PV.
"Sanofi-Aventis brings significant strength and resources to the continued development and potential commercialization of TG101348. With their global focus on oncology and long-term commitment to this patient population, we are confident they will maximize the treatment potential of TG101348 across multiple clinical indications," said Peter G. Ulrich, president, CEO and co-founder of TargeGen. "Further, their decision to acquire TargeGen at this time validates the company's belief that TG101348 has the potential to be the best-in-class compound in terms of providing meaningful new treatment options for patients with myeloproliferative diseases and certain other hematological malignancies."
Peter J. Solomon Co. served as financial advisers to TargeGen relative to this transaction.