Sanofi-aventis to acquire TargeGen

Sanofi-aventis has agreed a deal which will see it acquire the private biopharmaceutical company TargeGen in a deal worth $75 million (49.9 million pounds).

The transaction is expected to close in the third quarter of 2010 and will see Sanofi-aventis gain access to a range of new treatments, including TargeGen’s lead compound TG 101348.

TargeGen specialises in the development of small molecule kinase inhibitors for treating forms of leukaemia, lymphoma and other haematological malignanciesm with TG 101348 functioning as a treatment for myeloproliferative diseases such as myelofibrosis.

Dr Marc Cluzel, executive vice-president of research and development at Sanofi-aventis, said this will allow for the production of “breakthrough medicines” to meet a variety of patient needs.

He added: “The acquisition of TargeGen represents a further significant step to increase our engagement in the field of haematological malignancies.”

Last month, Sanofi-aventis agreed a deal with Metabolex to licence a new type 2 diabetes drug, which can provide patients with improved blood sugar and weight control.