Genentech acquires Seragon Pharmaceuticals for $725 million

Genentech, a member of the Roche Group announced it has entered into a definitive agreement to acquire Seragon Pharmaceuticals, Inc., a privately held biotechnology company based in San Diego, California. With this acquisition, Genentech obtains rights to Seragon’s entire portfolio of investigational next-generation oral selective estrogen receptor degraders (SERDs) for the potential treatment of hormone receptor-positive breast cancer including ARN 810 which is just in clinical studies.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.