Sanofi-aventis has signed a binding agreement for the acquisition of BiPar Sciences, Inc, (BiPar) a privately held US biopharmaceutical company, developing novel tumour selective approaches for the treatment of different types of cancers. BiPar is the leading company in the emerging field of DNA (DeoxyriboNucleic Acid) repair using PARP (Poly ADP-Ribose Polymerase) inhibitors. PARP inhibitors represent a new, targeted approach to treating many types of cancers. By preventing cancer cells from repairing their own DNA, PARP inhibitors ultimately cause cancer cell death.
BiPar's lead product candidate is BSI-201, a potential first-in-class PARP inhibitor currently being studied in phase-2 clinical trials in metastatic triple negative breast cancer (TNBC), ovarian cancer and other malignancies.
"We are extremely pleased to join with one of the most successful and innovative global pharmaceutical companies," said Hoyoung Huh, president and chief executive officer of BiPar Sciences. "This agreement validates BiPar's novel scientific approach and will maximize patient access to this new class of breakthrough cancer therapy."
"The acquisition of BiPar, one of the pioneers for novel tumour-selective therapies, is a further step in our company's goal to focus on new approaches to strengthen our oncology R&D portfolio," said Christopher A Viehbacher, chief executive officer of sanofi-aventis. "This acquisition illustrates our strong commitment to oncology to provide patients, physicians and public health stakeholders with breakthrough medicines addressing unmet medical needs."
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 millio. The closing of the transaction is expected to occur in the 2nd quarter of 2009, subject to the receipt of the FTC clearance.