Sanofi-Aventis To Acquire TargeGen

Sanofi-aventis has entered an agreement to acquire TargeGen, Inc., a privately held biotechnology company focused on the development of small molecule kinase inhibitors. The final purchase price will depend on the achievement of certain future milestones, but has a potential value of $560 million. The transaction is expected to close in 3Q10.

TargeGen’s most advanced drug candidate is TG101348, an oral, potent, and highly selective JAK2 kinase inhibitor being developed for the treatment of myeloproliferative diseases including primary and secondary myelofibrosis (MF) and polycythemia vera (PV). There are currently 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 confidant they will maximize the treatment potential of TG101348 across multiple clinical indications,” said Peter G. Ulrich, president, chief executive officer and co-founder of TargeGen.