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Roche Holding AG announces definitive agreement to acquire Seragon Pharmaceuticals

Wednesday, 2 Jul 2014 01:15am EDT 

Roche Holding AG:Says it has entered into a definitive agreement to acquire Seragon Pharmaceuticals, Inc. (Seragon), a privately held biotechnology company based in San Diego, California.With this acquisition, Genentech obtains rights to Seragon's entire portfolio of investigational oral selective estrogen receptor degraders (SERDs) for the potential treatment of hormone receptor-positive breast cancer.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 achievement of certain predetermined milestones.The transaction is expected to close in the third quarter of 2014.Says once the transaction is completed, Seragon's portfolio will be integrated into Genentech Research and Early Development. 

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-2.43 -6.59%
19 Dec 2014