Seragon Pharmaceuticals Inc. Announces Closing of Its Acquisition by Genentech

SAN DIEGO, Aug. 27, 2014 (GLOBE NEWSWIRE) -- Seragon Pharmaceuticals Inc., a leader in developing drugs for hormone dependent cancers, today announced the closing of its acquisition by Genentech, a member of the Roche Group, (SIX:RO) (SIX:ROG) (OTCQX:RHHBY). Deal terms included $725 million in cash up front along with $1.0 billion in contingent development milestone payments for total transaction value up to $1.725 billion. The acquisition includes Seragon's entire selective estrogen receptor degrader (SERD) program, including its most advanced compound, ARN-810, a next generation SERD that is currently being evaluated in a Phase I trial in postmenopausal women with locally advanced or metastatic estrogen receptor positive (ER+) breast cancer.

CONTACT: Susanne Whittenberg Seragon Pharmaceuticals Inc. (858) 369-7646

Source:Seragon Pharmaceuticals