Genentech Pharmaceuticals Agrees to Acquire Seragon -
Genentech, a member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY), today announced that it has entered into a definitive agreement to acquire Seragon Pharmaceuticals, Inc. (Seragon), a private biotechnology company based in San Diego, California. With this acquisition, Genentech obtains rights to all of the next generation of experimental degraders Seragon portfolio by selective oral estrogen receptor (SERDs) for the potential treatment of breast cancer in hormone receptor positive.
"This year, breast cancer will claim the lives of nearly 40,000 women in the United States, and up to half of these women have a disease that is caused by the estrogen receptor" said Richard Scheller, Ph.D., vice president and general manager of Genentech Research and Early Development. "We believe that these experimental oral SERDs could eventually redefine the standard of care for breast cancer hormone receptor positive."
under the terms of the agreement, Genentech will make an upfront cash payment of $ 725 million plus additional contingent payments of up to $ 1 billion based on the achievement of certain predetermined steps. the closing of the transaction is subject to customary closing conditions, including approval under antitrust law Hart-Scott-Rodino. the transaction is expected to close in the third quarter of 2014. once the transaction is completed, the Seragon portfolio will be integrated into Genentech Research and early Development.
EmoticonEmoticon