Swiss pharmaceutical group Roche said Wednesday it was buying Seragon Pharmaceuticals, a US biotechnology firm specialising in a new way to fight breast cancer, in a deal worth up to $1.7 billion (1.2 billion euros).
Seragon, a privately held outfit located in California, is developing a new generation of treatments for the most common form of breast cancer, Roche said in a statement.
Roche said its Genentech subsidiary would be acquiring Seragon, putting $725 million in cash upfront and adding up to another $1 billion if “certain predetermined milestones” are met. The deal is expected to be sealed by the end of September if anti-trust regulators raise no objection.