Jones Day Reps Sanofi In $560M TargeGen Buy

Law360 (June 30, 2010, 2:22 PM EDT) -- Sanofi-Aventis SA said Wednesday that it would pay up to $560 million to buy biotechnology company TargeGen Inc. and commercialize one of its treatments for blood disorders.

The French pharmaceutical giant said it would make a $75 million up-front payment for rights to TargeGen's most advanced drug candidate, followed by milestone payments if the company meets certain goals, for a total of up to $560 million for the acquisition.

The deal is a further step to increase Sanofi's presence in the field of hematological malignancies, according to Marc Cluzel, Sanofi's executive vice president of research and development.

The privately held, San...

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