Singapore, July 02, 2010: French pharma major Sanofi-aventis is acquiring US-based TargeGen, a biotechnology company focused on the development of small molecule kinase inhibitors.

In a statement, TargeGen noted that Sanofi-aventis has agreed to acquire the company. Under the agreement, the ultimate purchase price will depend on the achievement of certain future milestones events and will total $560 million if such milestones are fully realized. The closing of the transaction is expected to occur in the third quarter of 2010.

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 (MF) and polycythemia vera (PV).

Commenting the development, Mr Peter G Ulrich, President, CEO and Co-Founder of TargeGen, said, "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.”

“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,” he said.