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news.French pharmaceutical group Sanofi-Aventis has signed a binding agreement for the acquisition of BiPar Sciences, a US biopharmaceutical company, developing tumorselective approaches for the treatment of different types of cancers.
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Under the agreement, the purchase price will depend on the achievement of milestone payments related to the development of BSI-201 which could achieve a maximum of $500 million. The closing of the transaction is expected to occur in the second quarter of 2009, subject to the receipt of the Federal Trade Commission’s clearance.
Hoyoung Huh, president and CEO of BiPar Sciences, said: “We are extremely pleased to join with one of the most successful and innovative global pharmaceutical companies. This agreement validates BiPar’s novel scientific approach and will maximize patient access to this new class of breakthrough cancer therapy.”
Christopher Viehbacher, CEO of Sanofi-Aventis, said: “The acquisition of BiPar, one of the pioneer for novel tumor-selective therapies, is a further step in our company’s goal to focus on new approaches to strengthen our oncology R&D portfolio.”