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news.SuperGen has completed its acquisition of Utah-based Montigen Pharmaceuticals, a privately-held, oncology focused drug discovery and development company, for a potential $40 million in cash and shares.
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SuperGen has acquired all of the outstanding capital stock of Montigen for $9 million in cash and $9 million in shares of SuperGen common stock. SuperGen may pay an additional $22 million in shares if certain regulatory milestones are achieved.
“This acquisition of novel discovery and preclinical expertise is consistent with our strategy to broaden and balance our capabilities in oncology and hematology. Montigen’s products and product candidates should benefit our product portfolio both near- and long-term, while we continue to consider clinical candidates for potential in-licensure during 2006,” said Dr James Manuso, SuperGen’s president and CEO.
SuperGen is a California based pharmaceutical company dedicated to the discovery, acquisition, rapid development and commercialization of therapies for solid tumors, hematological malignancies and blood disorders.