Seragon Pharmaceuticals to Be Acquired by Genentech in a Deal Potentially Worth Up to $1.7 Billion
On July 1, 2014, firm client Seragon Pharmaceuticals, a leader in developing drugs for hormone-dependent cancers, announced that it has agreed to be acquired by Genentech, a member of the Roche Group. WSGR is advising Seragon Pharmaceuticals in the transaction.
Under the agreement, Genentech will pay $725 million in cash up front to Seragon Pharmaceuticals, along with up to an additional $1.0 billion if Seragon achieves certain predetermined development milestones with its drugs. The acquisition includes Seragon's entire selective estrogen receptor degrader (SERD) program, including its most advanced compound, ARN-810, a next-generation SERD that is currently being evaluated in a Phase I clinical trial.
The WSGR team advising Seragon Pharmaceuticals in the transaction includes:
For more information, please see Seragon Pharmaceutical's press release.