Sanofi Buys TargeGen And Its Lead Myelofibrosis Drug For $75 Million Upfront
This article was originally published in The Pink Sheet Daily
It's another earn-out based exit for venture capital, but TargeGen's backers could realize more than five times their initial investment if all milestones are achieved.
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The company has halted clinical trials testing its Phase III JAK2 inhibitor fedratinib after determining that the risks of treatment outweigh the benefit after cases of the neurological condition Wernicke’s encephalopathy emerged in patients.
The JAK2 inhibitor for myelofibrosis is the company’s most advanced oncology candidate and will be an anchor for Sanofi as it looks to build a portfolio of next-generation cancer drugs after the late-stage failure of the PARP inhibitor iniparib.
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